Markets: Wallowing in the wake of TCS
Mumbai: The BSE Sensex closed the day 17 points lower than the previous day, at 4957.8 points. The Nifty too slumped by 0.35 per cent to close at 1566.1 points.

Market Gainers
L&T, IPCL, CMC, Indo Rama Synthetics, Wockhardt, Reliance Industries Ltd (RIL)

Market Losers
Infosys Technologies, Satyam, Wipro, Tata Power, Tata Motors, ABB Shipping Corporation of India, Hero Honda, Bajaj Auto, Hero Honda, Tata Motors, Maruti

Market Counter
BSE 30
Figures in Rupees
Gain (+) / Loss (-)
ACC                                         232.70       -0.35
Bajaj Auto                                832.10       -21.55
Bharti Televentures                155.30       +3.90
BHEL                                        541.85      +2.90
Cipla                                          241.50       +2.00
Dr. Reddys Laboratories         767.50       +3.20 
Grasim Industries                     972.40       +5.25
Gujarat Ambuja                         273.85       -6.50 
HDFC                                        548.05       -1.95
HDFC Bank                              370.40        +4.50
Hero Honda Motors                 436.00        -15.75
Hindalco Industries Limited     1,059.05     -20.00
Hindustan Petroleum Corp        291.35      +3.05
HLL                                            121.75       -0.75
ICICI Bank                                 261.85      +8.70
Infosys Technologies                 1,447.65     -31.30
ITC                                              994.95        -20.30
Larsen & Toubro Limited          792.80       +26.25
Maruti Udyog                             420.05        -5.50
MTNL                                         130.15        -0.55
ONGC                                         692.70         -4.65
Ranbaxy Labs                             973.80        +1.35
Reliance Energy                          569.20        -1.65
Reliance Industries                     428.35        +4.85
Satyam Computer Services        326.20        -4.65
State Bank Of India                   433.45        -6.25
Tata Motors                              401.50         -6.15
Tata Power                                 253.80        -3.80
TISCO                                        344.45        -1.05
Wipro                                          519.65        -9.05
Zee Telefilms                             133.35        +0.85

Others
Tata Chemicals down 2.3 per cent at Rs 119.4
ICICI Bank up 3.4 per cent at Rs 261.8
IPCL up 2.9 per cent at Rs.164.5
HCL Technologies down 1.67 per cent at Rs 298.10
Mahindra & Mahindra down 1.26 per cent at Rs 459.05
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FM likely to speak his mind on turnover tax today
New Delhi: Finance Minister P Chidambaram will make a statement in Parliament on the transaction tax issue today. The government had proposed a 0.15 per cent transaction tax on all securities in the Union Budget. The Finance Minister may reduce the tax by a few basis points but will make up for a shortfall in projected revenue by increasing the short term capital gains tax. The market capitalisation of shares traded amounts to Rs 300,000 crore.
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SEBI turns down issue of participatory notes for TCS IPO
Mumbai: The Securities and Exchange Board of India has turned down the lead managers' request to be allowed to issue participatory notes on behalf of their clients for the Tata Consultancy Services' IPO. The permission to merchant bankers to issue participatory notes is given on a case-to-case basis.
Participatory notes are used as a route for foreign funds that are not registered in India to participate in the Indian stock markets.
JM Morgan Stanley, DSP Merrill Lynch and JP Morgan are the lead managers for the TCS IPO. As the allotment to qualified institutional buyers (QIBs) would be done on a discretionary basis, there are concerns that if allowed, lead managers may take advantage of this to issue allotments to their favoured clients.
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