Sensex down 147
Mumbai: The 30-share Bombay Stock Exchange Sensex declined 147.35 on 16 March points to close at 5,102.41, down 2.8 per cent from the previous close. On the National Stock Exchange, the S&P CNX Nifty closed at 1562.20, down 57.90 points from the previous close.

The broad-based indices fell even more steeply, reflecting a general decline in stocks. Trading was dull because of a long weekend coming up. Both the BSE and the National Stock Exchange will be closed on Friday, for Bakri Id, and Monday, for Holi. There was selling pressure from funds and institutions. Reports of further declines on the Nasdaq weakened sentiment.

Stocks that declined included BPL, Dr. Reddy's, German Remedies, and Infosys, which reached the lower end of the eight per cent band. Some stocks rose, touching the upper end of the 8 per cent band. They included SSI, Wockhardt, State Bank of India, Telco, Ashok Leyland, Exide India, and Bank of Baroda.

Analysts expect the market to move laterally until the end of the current financial year on 31 March, after which a recovery is expected.
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Banks exposure to brokers estimated at Rs 5,500 crore
Mumbai: According to the Securities and Exchange Board of India, banks have given guarantees for about Rs 2,500 crore to brokers with an average margin of 10-15 per cent besides giving them Rs 3,000 crore in loans against shares, it is reported. The Reserve Bank of India has been informed of these figures.
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Rs 5,000 crore in infotech issues expected
Mumbai: According to Prime Database, some 101 information technology companies are expected to raise about Rs 5,000 crore from the primary market in the near future. According to Prime, the IT sector mobilised Rs 1,490 crore through 35 issues in 1999-2000.
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US-95 open for small investors
Mumbai: The Unit Trust of India's Unit Scheme 95 (US-95) has been thrown open to small investors. The scheme was designed earlier to cater to large investors. The minimum investment in the scheme has been reduced to Rs. 10,000 from Rs. 10 lakh earlier.
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