|
Frenzy marks the rollover in markets
Mumbai: The Indian stock market rolled over into the new millennium with
a unprecedented show of bull run. The intense market activity resulted in the benchmark
Sensex of the country’s premier bourse, the Bombay Stock Exchange, vaulting to an
all-time high of 5,384.66, an increase of 370 points in just one day. This 7.37 per cent
increase is the biggest in the past seven years. Also the Sensex surpassed the previous
best of 5,150.99 recorded on 11 October 1999. Just following the benchmark, the National
Stock Exchange’s index, the S&P CNX Nifty too rose by 112 points to close at
1,592.20.
In terms of market capitalisation, nearly Rs 40,000 crore
was added in just one day, taking the total investor wealth to an estimated Rs 9,87,000
crore on BSE. The market cap of NSE also went up to Rs 9,12,124 crore.
Some of the highlights of the first trading day of year
2000 were: trading had to be halted in 706 stocks as they ht the circuit breaker; the
combined volume on BSE and NSE amounted to Rs 3,981, which was about half of the average
daily turnover of Rs 7,000 crore, mainly on account of freezing the trading in many
shares; the rally was not confined to infotech stocks.
Market analysts, however, were not as enthused as the
players. They ascribed the frenzy to speculative trading, which they said is demonstrated
by the low volumes. The market expects the funds to be on a buying spree in the days to
come and rally is just in anticipation.
The top gainers on the day of bull run were Infosys
technologies, VisualSoft, Zandu Pharma, Aptech, Hughes Software, NIIT, Wipro, MICO, SSI,
Satyam Computer and MRF.
Back to
News Review index page
Infy at record high
Mumbai: Infosys Technologies’ American
depository receipt reached a new high on the Nasdaq when it was traded at $375 an ADR on 3
January. However, profit-booking saw Infy come down to $364 subsequently. Satyam Infoway
was being traded at $164 against ht previous day’s closing of $155.
Back to
News Review index page
NSE members get more time
for depository link
Mumbai: The National Stock Exchange Clearing Corporation has extended the
deadline for its members to seek the Central Depository Services connectivity to 10
January. The corporation has informed the Securities and Exchange Board of India in this
regard.
Back to
News Review index page
Ceat Finance plans rights
issue
Mumbai: The board of directors of Ceat Financial Services has proposed a
Rs 111-crore rights issue on the basis of four shares for every one held. This is part of
a plan to recapitalise the company and write off Rs 78 crore in non-performing assets,.
The company has incurred an operating loss of Rs 17.47 crore during the past 18-month
period, against an income of Rs 204.46 crore. The RPG group has over 60 per cent equity
holding in the non-banking finance company.
Back to
News Review index page
IDBI to invest in Birla
AT&T issue
Mumbai: The Industrial Development Bank of
India is picking up Rs 100-crore worth optionally convertible cumulative preference shares
of Birla AT&T, the cellular operator for Maharashtra (excluding Mumbai) and Goa, which
is coming out with a Rs 850 crore issue. The IDBI’s board had recently announced the
setting up of a Rs 1,000-crore fund for taking equity in high technology start-ups and
existing companies with high growth potential. Birla AT&T is raising the funds to pay
its licence fee to the department of telecommunications, to expand its network and to
retire costly foreign currency debt. The company is planning to spend nearly Rs 2,000
crore in its expansion plans in future.
Back to
News Review index page
|
