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Monday,
May 17
Sensex crashes 554 points on opening
Trading suspended for an hour
Mumbai: The Sensex nose-dived 553.29 points to
4,516.58 points in the first few minutes of trade on Monday
morning, breaching the psychologically important 5,000
points support level. Dealers said this is a result of
sustained fears over the future of economic reforms under
a Left-backed Congress government.
Trading has been suspended for an hour.
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International
Markets
ADR
prices - Indian companies - May 14
DJIA
Dow Jones Industrial Average 10012.87 + 2.13
NASDAQ Nasdaq Composite 1904.25 - 21.78
IBN
ICICI
Bank Ltd
$
12.65 - 1.45
INFY Infosys Technologies
Ltd $
74.65 - 5.27
REDF Rediff.com India
Ltd $
7.16 - 0.37
SIFY Sify Ltd
$ 6.18 - 0.40
VSL Videsh
Sanchar Nigam Ltd $
6.26 - 0.31
WIT Wipro
Ltd $
38.80 - 4.28
RDY Dr.Reddys
Laboratories Ltd $
18.45 - 0.38
SAY Satyam Computer
Services Ltd $
18.37 - 1.48
HDB HDFC Bank
$
25.98 - 3.72
MTE Mahanagar
Telephone Nigam Ltd $
6 - 1.22
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SEBI
on high alert
Mumbai: In a communiqué issued here on Sunday,
the Securities and Exchange Board of India (SEBI) has
asked stock exchanges to remain 'extraordinarily watchful'
towards any unusual movements in the market. It said it
had called for data from the exchanges on Friday for analysis
and examination. It has threatened to take stern action
against any individual or entity found indulging in market
misconduct and breaching rules. In what has been reported
as the biggest single-day fall in four years, the Sensex
had taken a 330-point drubbing on Friday.
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CPI (M): Bear cartel responsible for
Friday crash
New
Delhi: The Communist Party of India (Marxist) has
ascribed the 330 points crash in the Sensex on Friday
to the operations of a `bear cartel' and has reiterated
its opposition to privatisation of profit-making public
sector undertakings (PSUs).
CPI(M)
politburo member, Sitaram Yechury, noted that the Disinvestment
minister in the outgoing National Democratic Alliance
(NDA) government, Arun Shourie, had referred to the presence
of a bear cartel that had sought to pull down the market
in February, when a public offer of shares in six PSUs,
including ONGC and GAIL, was made. Yechury said that in
the interest of the country, Shourie should name them
so that the new government could take appropriate action.
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FIIs
sell out $470 million in equities
Mumbai: The foreign institutional investors (FIIs)
have recorded massive net sales of Rs 2,066.2 crore ($469.4
million) in equities during the trading week ended May
14. The
week has seen the BSE sensex plunge by a record 600 points
wiping out over Rs 1,72,800 crore of shareholder wealth.
The mutual funds (MFs), however, registered net purchases
of Rs 594.1 crore in the equity market, according to the
data available with Securities and Exchange Board of India
(SEBI) at Mumbai.
FIIs
were net sellers to the tune of Rs 604.4 crore ($137.6
mn) in equities on May 14, the day BSE sensex dipped by
329.6 points.
The BSE Benchmark 30-share Index, crashed by 599.71 points
or 10.58 per cent to finish the week at the six-month
low at 5069.87 from last weekends close of 5669.58. This
makes the largest ever weekly fall in terms of points
in the BSE history.
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Maruti nudges out L&T in the
SENSEX
Mumbai: The BSE has informed that it has decided
to include Maruti Udyog Ltd (Scrip Code 532500) in place
of Larsen & Toubro Ltd (Scrip Code 500510) in SENSEX
with effect from May 19, 2004.
This
replacement is being made due to the de-merger of the
cement business of Larsen & Toubro Ltd into a new
company Ultra Tech Cemco Ltd and the capital restructuring
being undertaken by the Larsen & Toubro Ltd subsequent
to the demerger. The free-float adjustment factor for
Maruti Udyog Ltd would be 0.30.
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