26 May
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Beginnings of modernisation in Indian
stock markets
Mumbai—The first step towards modernisation of the Indian
stockmarkets has been made and for the first time, there will be a scientific and
automated system of determining margins in scrips in the rolling settlement mode from July
2.
There will be one single 99 per cent Value at Risk based model for calculating margins and
another 12 per cent additional margin. There will also be, for the first time, an
index-based circuit filter, which will seek to shut down the entire market in three stages
of index movement of 10, 15 and 20 per cent.
Sebi has fixed September 3 as the date from which the entire market moves to a gross
margining system for clients.
In another significant development, Sebi’s risk management group has sought to put in
place a 20 per cent circuit filter for stocks in the rolling mode, except for scrips on
which derivatives products are available or scrips including in indices on which
derivatives products are available.
These recommendations need the approval of the Sebi board.
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Sensex down 30 points on back of Nasdaq fall
Mumbai—The Nasdaq again fell pulling the benchmark
Sensex down by 30 points.
Technology stocks like Satyam, Infosys and NIIT opened weak following the overnight Nasdaq
losses.
Nasdaq lost around 95 points to close the
day at 1779 points, a loss of 5 per cent.
The Sensex opened the day at 3624 points, plunged to an intra-day low of 3592 points
before closing the day at 3632 points on Thursday, a loss of 30.13 points. At the National
Stock Exchange, the S&P CNX Nifty closed the day at 1167.9 points as against
yesterday’s close of 1177.55 points, a loss of 9.65 points.
Counters like MTNL, ACC, HPCL and ICICI still
remained under selling pressure whereas ICE stocks started their recovery on the back of
value buying. Zee and Global tele were up due to FII buying.
FMCG counters like Nestle, Colgate and ITC
too attracted buying interest. All pharma counters, except Glaxo were down. Glaxo was
higher on the news of launch of an anti-smoking pill. It went up by Rs 13 (3.4 percent) to
close the day at Rs 392. Bhel also went up by Rs 6 (3.2) to close the day at Rs 188. Zee,
Nestle and ITC were other gainers for the day. The major losers were Satyam, down by Rs 12
(5.2 percent) to Rs 218, followed by ACC down by Rs 5.4 (3.7 percent) to Rs 140 .
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