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FE NEWS SERVICE
New Sensex entrants to command 8% weightage
The induction of Infosys Technologies, NIIT, Castrol and Novartis in the BSE sensetive 30 shares from November 16 would resulted in the index heavyweights losing almost 5 per cent of their index weight. The four new entrants at the current market price would command a combined weightage of 8.06 per cent in the sensex. Among the new sensex scrips, Castrol would command the highest weight of 2.29 per cent followed by Infosys (2.28 per cent), NIIT (2.01) per cent and Novartis (1.41 per cent). These four scrips have replced Arvind Mills, PSU steel giant Sail, GE Shipping and IPCL, who had a combined weight of 3.07 per cent. Sail despite a huge equity of over Rs 4100 crore commands a low weight of 1.07 per cent.
NSE certification programe for public: The National Stock Exchange (NSE) has decided to throw open its certificatioon programme for derivatives to the public from October 19. The course was till now open only to broker members and over 1,000such dealers have cleared the test. NSE has also granted accreditation to seven institutes. The total cost for taking the test would be Rs 700 of which Rs 500 would go for the test while Rs 200 would be for registration. The centres where the tests will be conducted are Mumbai, New Delhi, Calcutta, Hyderabad and Chennai.
Kothari mutual funds outperform benchmark indices: All three equity schemes of Kothari Pioneer Mutual Fund - Bluechip Fund, Prima Plus and Prima Fund - have outperformed their respective indices in the quarter ended September 30, 1998. A steady growth open fund, Kothari Pioneer Bluechip's NAV has appreciated by 9.75 per cent against a 4.57 per cent fall in the BSE Sensex during the quarter ended September 30. Prima Plus has risen by 7.76 per cent during the same period while Prima Fund has seen its NAV appreciating by 12.61 per cent during the quarter ended September 30, 1998.
DSE sentiments remain bearish on nervous offerings: Share prices drifted further down on the DelhiStock Exchange on Tuesday following sustained selling by nervous bull operators and foreign funds mostly on fears that state-owned Unit Trust of India might face redemption pressure and closed with widespread losses. Reports that IDBI and Bajaj Auto Ltd have applied for redemption in the UTI's US-64 scheme further dampened the market sentiments. The DSE sensitive index dropped by 7.69 points to 646.22 points. Though it recovered to 656.32 points at the outset but late selling reversed an early rising trend.
Equities move in narrow range on MSE: Equity prices were subdued and moved in a narrow range on the Madras Stock Exchange on Tuesday following increased selling pressure and profit taking. The MSE index, which dropped to 3,208.06 compared to the previous day's close of 3,302.44, bore a loss of 94.38 points.
Bombay Dyeing: The board of directors of The Bombay Dyeing & Manufacturing Company Ltd will meet on October 27 to consider and take on record the unaudited financial results(provisional) for the quarter ended September 30, 1998.
Citurgia Biochemicals: The board of directors of Citurgia Biochemicals Ltd will meet on October 28 to consider inter alia and take on record the unaudited financial results of the company for the quarter ended September 30, 1998.
Deepak Nitrite: The board of directors of Deepak Nitrite Ltd will meet on October 23 to consider, approve and take on record the unaudited financial results (provisional) of the company for the second quarter ended September 30, 1998.
JM Share & Stock Brokers: The board of directors of JM Share & Stock Brokers Ltd will meet on October 27 to take on record the unaudited financial results (provisional) of the company for the second quarter ended September 30, 1998.
Tokyo down 2.3% on reform worries: Tokyo stocks were hit Tuesday by lingering skepticism over the effectiveness of the series of key bank reforms now passing through parliament, brokers said. Investors also took profits after theprevious day's sharp 5.2-per cent rally, which had been driven by the enactment of reform bills aimed at helping failing banks with injections of taxpayers' money, brokers said. The Nikkei 225 index fell 312.22 points to close at 13,242.79, reversing the previous day's 675.04-point rebound from its near-13 year low.
Hong Kong revises early losses to close marginally up: Hong Kong share prices reversed early losses and rose 0.2 per cent on late selective buying that propelled the market barometer to its highest level in nearly five months, dealers said. The key Hang Seng index gained 18.56 points to close at 9,008.83 in fifth straight winning session. The index last closed above 9,000 points on May 26, when it reached 9,482.21.
Singapore marginally lower: Singapore share prices ended 0.1 per cent lower as investors locked in profits after several days of gains, amid weaker regional bourses, dealers said. The Straits Times index dipped 0.96 of a point to end at 1,015.64 but off a low of1,004.97. The broader All-Singapore index ended down 0.54 of a point at 302.01.
Kuala Lumpur sheds 1.1% on profit taking: Malaysian share prices fell 1.1 per cent as investors locked in profits on gains posted the day before. An institutional dealer at a local brokerage said the focus was on debt-ridden Infrastructure giant Renong Bhd and its subsidiary United Engineers Malaysia. The Kuala Lumpur Stock Exchange composite index fell 4.46 points to 385.04, while the lesser second board index fell 4.33 points to 97.02.
Thai stocks down marginally on mixed trade: Thai share prices fell 0.2 per cent in mixed trade, with banks and finance firms generally lower, analysts said. Dealers said that although there was buying in the late afternoon, gains were offset by profit-taking earlier in the day. The Stock Exchange of Thailand (SET) composite index dropped 0.61 points to 290.19, while the SET 50 selected index finished 0.09 points weaker at 20.73.
Jakarta stocks up 2.1%: Indonesian sharesclosed 2.1 per cent higher on gains led by state telephone monopoly Telkom and satellite operator Indosat, dealers said. A dealer at a joint venture brokerage said he believed certain brokerages close to the government were involved in the Telkom and Indosat buying.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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