Bulls march continues
Mumbai: Bulls maintained their supremacy for the third successive trading day yesterday. Their dominance left the bears stranded. Neither the bulls nor the bears could gain much from the day's trading. The market sentiment reading of the tradable counters continues to remain bullish. Bull domination today may strengthen the prevailing bullish sentiment. The prevailing sentiment is likely to be neutralised.

Nifty futures have recommended that initially the near month September contract lost around 14 points. Later on, bulls took over and recouped their early losses. September contract moved within a band of 24 points. It closed with a gain of 6 points with respect to Monday's close.
The long position in the September contract remains intact. The exit and bearish trigger levels for the September contract are placed far away from its current level. These levels are unlikely to be triggered on Wednesday.
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Mallya plea to review order on Herbertsons squashed
Mumbai: The Securities Appellate Tribunal on Tuesday rejected a petition filed by Vijay Mallya and United Breweries Holdings Ltd (UB Holdings) to review its previous order dated 1 August directing Kishore Chhabria to make an open offer to buy 20-per cent of equity in Herbertsons Ltd from the public.

Dismissing the petition, C Achuthan, presiding officer, SAT, said Mallya and UB Holdings are not "aggrieved" by the 1 August SAT order and that the order was not against them, a primary requirement for review petitions.
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SEBI says Bangalore SE is not vigilant
Mumbai: The Securities and Exchange Board of India has warned the governing board of the Bangalore Stock Exchange (BgSE) for its alleged irregularities in the listing and price manipulation of securities of Home Trade Ltd (HTL), the company earlier involved in the government securities scam. SEBI board member A K Batra in an order warned the governing board of directors of the exchange to be more vigilant, cautious and careful in future in discharge of its functions as a self-regulatory organisation.

On the issue of listing of the shares of HTL, the order said the submissions of BgSE are convincing. However, being a self-regulatory organisation, it was expected to be more vigilant and careful in granting listing to the scrip of HTL. Batra in the order said: "I find that during the inspection carried out by SEBI, the officials of the exchange did not furnish the correct information with respect to the ad hoc margins imposed by the exchange in the scrip of HTL. The exchange during the oral submissions admitted the error. In the written submissions also while admitting the error, the exchange regretted the error and requested for the condonation of the same as it had, in fact, levied ad hoc margins varying from 30 per cent to 100 per cent at different points of time."
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