Markets: Mid-cap, IT indices fare better
Mumbai: The Sensex closed marginally lower at 6316.28 points, shedding 6.22 points while the Nifty closed flat at 1992.70 points, lower by 0.45 points.

Market Gainers
IOB, Voltas, Esab India, Ador Welding, BEML, HMT, Veejay Lakshmi, Thermax, Orient Abrasives, Praj, Gujarat NRE Coke, Sesa Goa, GMDC, PSL, MM Forgings, Surya Lakshmi Cotton Mills, Godrej Industries, Sabero Organics, Hindustan Spinning and Weaving Mills, Texmaco, EMCO, Exide Industries, Bharat Rasayan, Andrew Yule, Ashima, Agro Tech Foods, Sabero Organics, Balmer Lawrie, Tata Finance, Cholamandalam Investments

Market Losers
PNB, Oriental Bank, Canara Bank, Vijaya Bank, Bank of Rajasthan, Dhanalakshmi Bank, Bank of India, J&K Bank, Kotak Mahindra Bank

Market Counters
BSE 30
Figures in Rupees
Gain (+) / Loss (-)

ACC	301.15	-3.00
Bajaj Auto	1,040.00	-5.30
Bharti Televentures	178.05	-0.45
BHEL	659.30	-15.70
Cipla	293.20	-0.30
Dr. Reddys Laboratories	829.75	-1.25
Grasim Industries	1,198.15	-3.35
Gujarat Ambuja	376.30	+3.25
HDFC	769.90	-2.25
HDFC Bank	481.60	+4.90
Hero Honda Motors	490.20	+3.15
Hindalco Industries Limited	1,310.45	+10.25
Hindustan Petroleum Corp	383.85	+4.65
HLL	154.60	+3.80
ICICI Bank	364.25	+7.35
Infosys Technologies	2,038.95	+9.05
ITC	1,276.15	+10.60
Maruti Udyog	431.55	+2.85
MTNL	125.90	-0.90
ONGC	833.90	+3.30
Ranbaxy Labs	1,207.45	-7.35
Reliance Energy	559.45	-7.80
Reliance Industries	517.30	-13.80
Satyam Computer Services	410.10	-0.25
State Bank Of India	570.70	-5.30
Tata Motors	493.00	-1.75
Tata Power	345.30	-0.80
TISCO	326.65	-4.05
Wipro	757.15	+15.30
Zee Telefilms	162.55	+4.95

Others
MM Forgings up 20 per cent at Rs322
PSL up 4.2 per cent at Rs162.8
Surya Lakshmi Cotton Mills up 5.3 per cent at Rs112.25
Birla Global Finance up 9.74 per cent at Rs64.25
Cholamandalam Investment up 5.45 per cent at Rs67.70
GE Capital Transport up 0.50 per cent at Rs50
Shriram City Union Finance up 11.34 per cent at Rs31.90
Shriram Investment up 8.16 per cent at Rs34.45
Shriram Transport up 3.24 per cent at Rs33.50
Tata Finance up 6.83 per cent at Rs48.50
Godrej Industries Ltd (GIL) up almost 20 per cent at Rs113.75, a 52-week high
Polyplex Corporation Ltd up 9.08 per cent at Rs272
Sesa Goa Ltd up 7.17 per cent at Rs849.25
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LS approves Securities Laws Bill
New Delhi: The Lok Sabha has approved the Securities Laws (Amendment) Bill, 2004 in order to provide for the corporatisation and demutualisation of all recognised stock exchanges.

Replying to a brief discussion on the Bill, the Finance Minister, P. Chidambaram, said that retail investors were the 'driving force' of any stock market and the proposed legislation would encourage their increased participation.

Once the Bill becomes a law, all stock exchanges would be required to submit a scheme for corporatisation and demutualisation to the Securities and Exchange Board of India (SEBI), the minister said. The scheme would have to be submitted within a time frame specified by the SEBI.
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Indonext to be operational by Jan. '05
Mumbai: Indonext, a separate trading platform for small and mid-cap companies, will be operational early 2005, probably as early as January, the Chairman, Securities and Exchange Board of India, G.N. Bajpai, has announced.

All the regional stock exchanges are expected to join Indonext.
The Chairman expects Indonext to be more successful than OTCEI (OTC Exchange of India) as it would provide an excellent trading platform, and the number of scrips participating in this would be much higher. If existing scrips choose to list on Indonext, they will have to de-list from the NSE and BSE, he said. Issues such as final regulations that will guide listing on Indonext are also being worked out. Over 4,000 companies are expected to be a part of Indonext.

The number of intermediaries authorised to be a part of Indonext will be large with a strong focus on small and mid-cap companies, he said, while addressing the 2004 Asia Venture Forum. Once established, Indonext will provide an alternative platform for venture capital funded companies to go public and, hence, an exit option for venture capital funds would now be available, Bajpai added. This is not expected to significantly impact trading volumes in the BSE and NSE.
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Mid-cap funds put equity funds in the shade
Mumbai: Mid-cap funds have managed to post robust returns over the last year, according to data from Value Research.

Birla Midcap fund has posted 41.44 per cent for the last year and is currently quoting at a net asset value of Rs28.67. Sundaram Select Midcap, registered returns of 40.22 per cent for the year and 45.42 per cent for the last six months.

The sector averages posted by the diversified equity funds, for the year and six months respectively, are 31.71 per cent and 35.24 per cent.

The Chola Mid cap fund, launched in July this year, has posted 16.11 per cent returns for the last quarter. UTI Mid Cap fund has also grossed 35.4 per cent for the last half year.
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SAT summons DSQ's Dalmia for hearing
Mumbai: The Securities Appellate Tribunal (SAT) has directed that Dinesh Dalmia must be present for the hearing of appeal filed against SEBI order in the DSQ Software case and must produce a valid power of attorney if their appeal has to be admitted.

Dalmia, Managing Director, DSQ Software Ltd had filed an appeal to SAT against a SEBI order, issued in September this year. SEBI, in its order, had asked Dalmia to buy back 1.3 crore `irregular' DSQ Software shares, introduced into the secondary market system in 2000-01 without listing. The order also directed Dalmia to deposit Rs630 crore in an escrow account and he was also debarred from accessing the securities market for ten years.
SAT has posted the appeal to December 9.
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JP Morgan: India upgraded to 'neutral' from 'underweight'
Mumbai: J P Morgan has upgraded India as an emerging market destination from underweight to neutral. The Sensex target for 2005 has also been pegged at 7000, according to the Asia Pacific Equity Research Report published by J P Morgan.

Detailing the changes in the last year, the report said that though India is the only emerging market that imposes a capital gains tax on foreign institutional investors, more funds are investing directly in India as in the latest budget, short-term capital gain tax was reduced to 10 per cent from 30 per cent and long-term capital gain tax was brought down to zero.

The report said that with CalPERs now investing in Indian equities, it may encourage other conservative pension funds to invest in India as well.

The report presents a bearish outlook on bonds. It says that several cyclical trends are likely to persist through 2005 - higher policy rates, tighter liquidity, continued portfolio adjustments and strong credit demand - and these will likely keep the yields climbing.
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India Advantage Fund buys Nagarjuna shares
Hyderabad: ICICI Venture Funds Management Company Ltd has informed the bourses that the India Advantage Fund - I has acquired 17.5 lakh shares aggregating 12.15 per cent of the total paid up capital of Nagarjuna Construction Co Ltd.

The date of acquisition is December 1, and the mode of acquisition is by way of pledge and preferential allotment.
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