Economy stocks push up Sensex
Mumbai: Short covering by bears and institutional purchases helped the stock markets recover some ground lost in the past few days after opening on a weak note on 14 March. The 30-stock Bombay Stock Exchange Sensex opened 109 points lower at 5020, dropped below the 5000-mark to touch an intra-day low of 4943, but then rose on demand for economy stocks to close at 5176, up 46.49 points from the previous close. The gain was limited as the BSE’s 100-share National Index closed 13.30 points lower at 3043.53.

On the National Stock Exchange, the S&P CNX Nifty closed at 1567.05, up 6.35 from the previous close. On the other hand, the S&P CNX 500 declined 20.35 points to close at 1368.30, and the CNX Midcap 200 dropped 26.40 points to close at 1190.70.
Among the stocks that gained were ACC, Bajaj Auto, Bata India, Bharat Petroleum, BPCL, Britannia, Cadbury, Castrol, Essel Packaging, Gujarat Amubja Cements, HDFC, Hindustan Lever, Indian Petrochemicals, Indian Shaving Products, Ingersoll Rand, Larsen & Toubro, MRF, Nestle, Tata Steel, and Telco. Losers included Aftek Infosys, Global Tele-Systems, Himachal Futuristic, Infosys Technologies, Penta Software, Satyam Computer, Silverline Industries, and Wipro.
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Amfi wants dividend tax relief
Mumbai: The Association of Mutual Funds of India has requested the finance ministry to exempt schemes launched before 1 April 2000 from the hike in tax on dividend distributed by income funds, or debt oriented schemes, from 10 per cent to 20 per cent. Ideally, of course, the increase in tax should be withdrawn for all, Amfi believes, because it hurts investors.
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Evidence against Big Bull, in court
Mumbai: On 14 March the government’s enforcement directorate submitted evidence before a Mumbai court against Harshad Mehta and two of his associates in relation to a case of alleged violation of the Foreign Exchange Regulation Act involving $600,000. In the meanwhile the city’s sessions court admitted an appeal filed by the directorate challenging a lower court's refusal to issue process against Harshad Mehta, Niranjan Shah, and Jairaj Java in a fresh case involving the same set of facts but bringing within its fold Mr Mehta’s brothers.
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