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Journalism of Courage
MUMBAI, SEPT 26: Stock markets could not retain Monday8217;s smart gains. Heavy bull unloading erased more than half of its previous day8217;s gains, pushing down the benchmark Sensex by 83.90 points to close at 4089.58 on the Bombay Stock Exchange BSE on Tuesday.
Monday8217;s favourite counters 8211; infotech, telecom and media shares 8211; were the first to bear the brunt of selling following a drop of over 62 points in the techno-laden Nasdaq Composite Index last night. Rumours of introduction of rolling settlement within SEBI8217;s stipulated time span forced speculators to lighten their commitments by offloading part of their holdings leading to erosion in equity prices and particularly ICE shares with fairly large outstandings, dealers said.
Sensex opened slightly lower at 4159.87 and immediately touched a high of 4160.13. Later, it declined gradually to log the day8217;s low of 4056.03 before closing at 4089.58 as against yesterday8217;s close of 4173.48, a loss of 2.01 per cent. The BSE-100 index also dropped by 46.64 points to 2090.00 compared with the previous close of 2136.64.
Infosys, Satyam Comp, Zee Tele and NIIT were main losers while MTNL and Reliance provided marginal support. 8220;The current fall is not a surprising one. As it had broken important levels last week, the upmove on Monday was clearly of a corrective nature. For this reason, sustaining the uptrend was difficult. The outlook continues to remain negative in the short run. In fact, chances of further downtrend are likely,8221; said a broker.
NSE suspends 2 Sanghi cos, 12 others
NSE suspends 14 cos
MUMBAI: The National Stock Exchange notice has suspended trading in 14 companies, including two Sanghi companies, with effect from October 4, 2000 until further notice in its capital market segment for non-compliance with the provisions of the listing agreement.
The companies are: Sanghi Industries, HMG Industries, Cepham Milk Specialities, Lloyds Finance, Aravali Industries, Viraj Forgings, SM Finance, Sanghi Polyesters, TECIL Chemicals and Hydro Power, Prudential Sugar Corp, TCI Finance, HB Stockholdings, India Foils and Prakash Industries.
