Market dips again
Mumbai: The stock markets witnessed substantial offloading by institutional investors, which dragged the Bombay Stock Exchange’s Sensex to a close of 5115, down 87 points from the previous close. On the National Stock Exchange the S&P CNX Nifty dropped 36 points to close at 1553.

Losers included Bajaj Auto, Gujarat Ambuja Cements, Castrol, and Essel Packaging on selling by domestic funds, including the Unit Trust of India. However, some foreign funds made selective purchases in information technology and media stocks. Zee Telefilms and Humachal Futuristic gained.

Analysts expect the markets to remain dull till 31 March, the last day of fiscal year, and pick up only from mid-April. Fourth quarter corporate results could play a vital role in determining the direction taken by the market.

Technical analysts see the market moving closer to a support level of about 5070.
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Ban on financial results during trading hours
Mumbai: Companies must now declare financial results and other important news, including dividends and rights issues, only after trading market hours in the stock markets. The National Stock Exchange has already enforced the rule, and the Bombay Stock Exchange will do so soon.
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RBI automatic route for NRI share issue
Mumbai: The Reserve Bank of India has given general permission under the Foreign Exchange Regulation Act for the issue of shares to non-resident Indians. An RBI press release says that eligible Indian companies can issue shares to NRIs and file the prescribed declarations with the regional offices of RBI as hitherto.

The government has recently expanded the automatic RBI route to cover foreign direct investment/NRI/overseas corporate body investments.
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