Pharma scrips provide lift to Sensex Mumbai Riding on the back of reports from a leading market research organisation that there would be a double digit growth rate for pharma companies, pharma stocks led the rise in the sensex, which finally closed at 4,793, approximately 44 points up from its previous close. The S&P CNX Nifty gained 19 points, and showed a close at 1489.10 points.

In the morning, the stocks were also boosted by a smart rally on Nasdaq on Wednesday night after the Fed kept the interest rates unchanged. At the opening of trading, a large number of software stocks opened firm, and remained strong in the first half.

While software sector was under selling pressure, pivotals like HLL, ITC, Reliance remained in good demand, and managed to post handsome gains. The cement sector also attracted huge investment buying, and stocks like L&T, Grasim, and Gujarat Ambuja showed handsome gains.

On the BSE, the number of advances stood at 784, and the number of declines was at 789. At the same time, 189 stocks remained unchanged.
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Exit pricing norms for foreign venture funds relaxed
Mumbai: A high-level committee on capital markets, today gave the go-ahead for foreign venture capital funds registered with the securities regulator to be exempt from the exit pricing norms for investment in unlisted companies. The committee, headed by the Reserve Bank governor, was attended by senior officials of the RBI, the chairman and executive directors of the Securities and Exchange Board of India and Department of Economic Affairs secretary E A S Sarma, economic advisor Arvind Virmani and J Bhagwati, joint secretary in the Ministry of Finance.

The high-level committee has also allowed foreign institutional investors to bring in funds in advance for meeting their margin requirement for trading in equity derivatives, a move which will allow these investors to trade in derivatives.

Currently, foreign entities can exit from an unlisted company only at a price determined by a formula laid down by the now abolished Controller of Capital Issues.
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