NSE has decided to revise its trading hours on account of a "sun outage" which would affect member's connectivity between 11.03 am and 11.30 am from March 5-21. The NSE network would be affected between March 9-18. The exchange has decided to keep the market closed from 11.00 am to 11.30 am every day during this period. In order to compensate for the lost time, the market timing would be extended by half an hour on all these days. The market will open at 9.30 am and close at 4.30 pm.FIIs to stick by Sebi's demat diktat:
A clutch of leading UK and Europe-based FIIs have said that they would dematerialise up to 100 per cent of their holdings if there was no dilution in the recent Sebi diktat of allowing delivery of demat shares in the physical segment from April 6.
NSE to expand to 250 cities:
NSE has decided to expand to 250 cities by the end of 1998. The exchange's trading terminals should reach a target of 250 cities from the present level of 176 cities by the year-end though nofigure has been decided upon regarding the turnover of the exchange.
BSE imposes margins on 7 scrips:
BSE has imposed special margins on the equity shares of Barasia Holding (Rs 25), Ekam Leasing (Rs 3), Globe Stock (Rs 7), Haryana Metals (Rs 50), Indo Rama Synthetics (Rs 5), Sesa Goa (Rs 100) and Tasty Bite (Rs 6) from March 9.
Prime Securities alters accounting year:
The following companies have intimated BSE about the change in their respective accounting year: Action Financial Services (I) (June 30, 1997 to March 31, 1998), Dhar Cements (March 31, 1997 to December 31, 1997), Prime Securities (December 31, 1996 to March 31, 1998), Good Value Marketing Co. (July 30, 1996 to October 31, 1997), Panchmahal Cement (June 30, 1997 to March 31, 1998), Bombay Swadeshi Stores (June 30, 1997 to March 31, 1998), Herdillia Polymers (August 31, 1996 to January 31, 1998) and GTC Industries (September 30, 1996 to March 31, 1998).
Nifty up 18 points:
Select pivotals gained moderately ongood investment support from foreign funds and domestic institutions at the NSE on Monday. The NSE-50 Index settled at 1,099.50, up 18.05 points over the previous close. The Mid-cap Index closed at 1,252.10, gaining 20.95 points. The exchange reported a total turnover of Rs 1,591 crore.
Demat segment turnover at Rs 32 cr:
The demat segment at the NSE and BSE witnessed a combined record volume of Rs 31.69 crore on Monday. A huge deal of 25 lakh shares was reported in Usha India for a total consideration of Rs 2.50 crore on the NSE. Sree Cements also witnessed a single deal of one lakh shares. Reliance saw a total volume of 13 lakh shares at the NSE and BSE.
MSE Index up 86 points:
Equities firmed up on the Madras Stock Exchange on Monday. The MSE Share Price Index closed at 4,020.24 points, up 86.21 points from the previous close. ITC spurted by Rs 20.80 to Rs 719.30, Reliance by Rs 12.50 to Rs 178.35, State Bank by Rs 2.05 to Rs 275, Pond's by Rs 13.40 to Rs 1,185, Telco by Rs 3.90 toRs 250.15 and Tisco by Rs 3.60 to Rs 137.80.
CSE shares end higher:
Bullish conditions prevailed at the Calcutta Stock Exchange on Monday with shares extending values on fresh buying support. Brokers said higher Mumbai advices coupled with fresh reports of buying by institutions aided market sentiment. The 50-share CSE Index closed at 109.23 points after moving between 109.41 points and 106.81 points.
Skindia Index drops 0.32%:
The Skindia GDR Index dropped by 0.32 per cent from 936.60 to 933.59 on March 6. The Skindia GDR Index p/e ratio was 20.35 on March 6 compared with 20.50 on March 5. The top gainers were Ispat Industries, Raymond Woollen and Telco which quoted at $3.50 ($2.50), $3.50 ($3.00) and $7.50 ($7.00) respectively. Losers included Mahindra & Mahindra, ICICI and ITC.
HK stocks stage late comeback:
Hong Kong stocks clawed back early losses in the afternoon to close Monday slightly higher in cautious trade with the focus on growing tension between Indonesia andthe International Monetary Fund. The Hang Seng Index gained 74.56 points, or 0.68 per cent, to end at 10,994.09. Turnover fell to a meagre HK $5.93 billion compared with Friday's HK$7.54 billion.
KL shares end down:
Ringgit softness and concerns about troubled companies nudged Kuala Lumpur shares to a lower finish on Monday, with prospects of further losses seen, dealers said. After trading in a seven-point band, the Composite Index representing 100 blue chips ended down 4.48 points or 0.65 per cent to 685.88.
Call rate ends at 9%:
The overnight call money interest rates ruled easy on Monday due to adequate funds in the banking system. The rates opened at 9-9.05 per cent and hovered around 8.75-9 per cent till the end of the session. Dealers said the rates witnessed an easy trend as enough liquidity was reported in the system and the RBI's repos auction brought in another Rs 1,800 crore, resulting in added liquidity.
Rupee strengthens vs dollar:
The rupee opened at 39.53/56against the greenback, almost unchanged from its weekend close at 39.52/54. The dollar was quoted at 39.56 in early trades. Dealers said that heavy selling of the greenback at these levels saw the rupee appreciate to 39.47, before profit-taking at the 39.54 levels saw the rupee close at 39.49.
Silver slips, gold firms up:
Gold and silver prices showed a divergent trend on the local bullion market on Monday. Silver ready of .999 fineness lost Rs 15 to close at Rs 8,625 per kg. Raw silver of .916 fineness lost Rs 10 to Rs 8,520. Standard and 22-carat gold firmed up by Rs 10 each to Rs 3,990 and Rs 3,690.
Cotton gains after low crop forecast:
Cotton prices extended gains on Monday on fresh mill buying and thin supplies, after reduced estimates of the cotton crop, dealers said. In spot deals, Bengal-deshi rose Rs 20/25 to Rs 1,500/1,560 per maund while saw-ginned cotton was up Rs 25 to Rs 1,975/2,100 per maund.
Metal prices end unchanged:
Non-ferrous metals ended on a steadynote on the local market on Monday. Copper scrap heavy ended at Rs 105.75, brass scrap at Rs 83, aluminium scrap at Rs 62, zinc at Rs 70, lead at Rs 40 and tin at Rs 345 reported no change in their prices.
Sugar ends weak on poor demand:
Sugar prices fell further on Monday as millers sold into a market lacking consumer and retailer demand, traders said. In ready delivery, sugar S-30 slid Rs 5 to Rs 1,435/1,470 per quintal. Sugar M-30 also dropped by Rs 5 to Rs 1,460/1,510.
Linseed oil firms up:
Linseed oil firmed up while castor oil declined in a mixed trend on the local market on Monday. In the futures market, castorseed June closed higher at Rs 1,228.50 (Rs 1,231). Groundnut oil ended unchanged at Rs 376. Linseed oil firmed up by Rs 5 to Rs 330.
