Sensex: Summer of sorrow
Mumbai: At close, the Sensex fell 11.41 per cent or 565 points, the second-biggest fall in the history of the BSE, to close at 4,505.26. The NSE's S&P CNX Nifty fell 12.24 per cent or 193.65 points to close at 1,388.75.

Market Gainers
Zee Telefilms, India Hume Pipes, Snowcem India, Tata Infomedia, PNB Gilts, Classic Diamonds, Pearl Polymers, Kandwala Securities, Rallis, India Hume Pipe

Market Losers
Reliance Energy, Oriental Bank, IPCL, HTMT, Gail, Bank of Baroda, NIIT, BHEL, HDFC Bank, Tata Power, HPCL, BPCL, Balrampur Chini, Bharti, Biocon, Ashok Leyland, Bharat Electronics, Wockhard Pharma, Carborundum Universal, EIH, E-Serve International, Suven Life Sciences, Wipro, Ingersoll Rand, IPCL, Essel Propack and Crompton Greaves

Market Counters
BSE 30
(Figures in Rupees)

ACC                                 246.15
Bajaj Auto                         844.70
Bharti Televentures            135.25
BHEL                               398.30
Cipla                                 216.40
Dr Reddy                          787.65
GACL                              275.75
Grasim                              1,018.30
HDFC                              503.75
HDFC Bank                     286.25
Hero Honda                     407.25
Hindalco                          866.00
HLL                                 120.25
HPCL                              314.80
ICICI Bank                      238.70
Infosys                             4,527.05
ITC                                 828.00
L&T                                462.95
MTNL                            106.55
ONGC                            629.75
Ranbaxy                          969.65
Reliance                           403.60
Satyam                            293.10
SBI                                 447.00
Tata Motors                    376.80
Tata Power                     261.55
TISCO                           262.55
Wipro                            1,261.85
Zee Tele                         120.65
Others
Kotak Mahindra Bank down 14.6 per cent to Rs 305
HPCL down by 4.99 per cent at Rs 314.80
PNB Gilts up 1.03 per cent at Rs 24.50
BPCL down at Rs 338
e-Serve International down Rs 25.75 to close at Rs 795
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Recap: May 17, 2004
9:56 am: A minute after the opening bell, the Sensex is at 4927, a dip of 142 points from Friday's close of 5069.
9:59 am: Continues downward descent to touch 4792, shedding 135 points in three minutes. In the next minute and a half, the market clawed back to 4837, a marginal 0.9 per cent increase.
10:17 am: The index sheds 553 points from the previous day's close and breaches the 10 per cent level.
11.15 am: Trading resumes. In the next three minutes and a half minutes the index touches its intra-day lowest at 4247 points. .
11:20 am: The circuit breakers are hit and trading suspended for two hours. BSE announced that trading would recommence at 1:20 p.m.
11.20 - 1.20pm: Dr Manmohan Singh holds a media address in which he assures the stock markets that the new government was committed to the development of the financial markets. He also warns that strict actions would be taken against those found guilty of market manipulation.
The Reserve Bank of India also announces that it was ready to provide additional liquidity to banks in order to ensure that settlements in the market took place.
1:20 pm: The Sensex rises to 4697 in the next four minutes.
1:29 pm: Index slips to 4572.
1:56 pm: Starts moving upward hits a high at 4761
3:20 pm: Index touches 4460.
Closing bell: The index is at 4505.87.
With Monday's damages the Sensex has fallen 1,420.42 points since April 23, the steepest fall in such a short period of time.
Monday was also the day the index rose by 450 points.
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SEBI foresees no problems at the bourses
Mumbai: The Securities and Exchange Board of India (SEBI) has said it does not anticipate any payment difficulties in trade settlements following the crash in the stock markets. SEBI officials have also said that as of now there was no evidence of any market abuse and are attributing the crash to market sentiments.

SEBI has also said that as of now no settlement-related issues were being anticipated, and further that there were no issues with the risk management system of the markets. Bombay Stock Exchange in a statement issued said ,"Trading and settlement cycles at BSE will be conducted as per schedule. BSE is also keeping a watch on the market situation, the position of the members and has collected the necessary margins. We have successfully completed the pay-ins and payouts today for May 13 trades."
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RBI ensures ample liquidity
Mumbai: The Reserve Bank of India (RBI) has announced that it would provide liquidity facilities to any of the settlement banks, and that there need be no fears of a payment crisis at the stock exchanges. The RBI has also constituted a task force under Shyamala Gopinath, Executive Director, Financial Market Committee, to monitor the capital and financial markets and also to provide any assistance in meeting payment obligations.

The RBI has also kept open a window for banks to buy dollars directly from it to facilitate an easy exit route for FIIs from the capital markets. Bankers said that the Central bank's statement was made more as a note of reassurance and in an attempt to cool the market sentiment. The eight clearing and settlement banks are the Canara Bank, Bank of India, HDFC Bank, ICICI Bank, IDBI Bank, UTI Bank, IndusInd Bank and Standard Chartered Bank.
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