Sensex down 117 points
Mumbai: The two-day rise in the stock market came to a grind on Wednesday when profit-taking and squaring-off of the derivatives contracts, a day ahead of their expiry, pulled down the stock prices. But there was some intra-day recovery in the last half-hour of trading as the details of mini Exim policy were announced, say reports.

The volatility in the market continued, keeping all the day traders on their toes for one more day. After the two-day rise, the market opened weak in the morning. But turned positive in the afternoon, but it closed lower on heavy selling by day traders. At close, BSE Sensex ended the day with a loss of 117 points (1.95 per cent) to close at 5876.05. On NSE, S&P CNX Nifty closed at 1863.10, down 41.6 points (2.18 per cent).
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Biocon files red herring prospectus with SEBI for IPO
Bangalore: Biocon India has filed the red herring prospectus with SEBI for its forthcoming IPO. The offer is for a fresh issue of 10 million equity shares for a face value of Rs 5 each. The Bangalore-based biotech major said the issue would be made fully through the book-building route and the listing would be on the BSE and NSE.

Ten per cent of enhanced equity would be offered in the IPO. The draft was filed on January 23. Proceeds from the IPO are to be used for setting up new facilities to augment the company's fermentation capacity. Biocon CMD, Ms Kiran Mazumdar-Shaw, said: "We intend to utilise the proceeds of the public offering for Biocon's expansion programme, which encompasses a large-scale statins facility and a state-of-the-art R&D laboratory."
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Small cities do not like NSE
Mumbai: Several small cities have registered a dip in turnover of National Stock Exchange (NSE), says a news report. Among the metros, Delhi and Chennai have registered a lower share in turnover in December compared to same period last year.

Mumbai's share of NSE turnover has increased to 44.88 per cent from the 40.01 per cent registered for the last financial year. Delhi slipped from 18.38 per cent to 15.37 per cent and Chennai moved southwards to 2.83 per cent from 3.59 per cent. The rise in Mumbai's share is primarily attributed to the heightened activity of institutional traders.
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