Financial Daily from THE HINDU group of publications
Friday, Jan 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 23, 2004 |
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Stock Markets Markets - Stock Markets Rumours rock market; Sensex sheds 165 points Our Bureau
Mumbai , Jan. 22 IT was roller coaster movement for the stock market on Thursday as stock prices fell for third day in a row. In one of the most volatile day in the history of Indian stock market, BSE Sensex and NSE Nifty lost three per cent, the highest fall in the current onslaught till now. Various rumours floating in the market kept the day traders on their toes throughout the trading time. The rumours ranged from ban on participatory notes issued by FIIs to payment crisis by some big brokers to heavy selling of shares bought on margin calls. Opening firm in the morning, the major stock indices turned into red in the next couple of hours. However, they turned positive in the next hour and again turned negative. There was steep fall in the stock price in the last one hour of trading. On BSE, Sensex witnessed intra-day movement of 285 points and touched a high of 5853, low of 5567.68 and closed the day at 5593.74, down 164.45 points (2.86 per cent). On NSE, S&P CNX Nifty closed at 1770.50, down 54.10 points (2.97 per cent). SEBI warning
In the midst of the various rumours floating in the market, SEBI has warned persons spreading them. A statement issued by the market regulator, after the closure of trading said "during the last few days the stock market has witnessed high volatility. It is gathered that baseless rumours were being floated in the market. It is hereby warned that any persons or entities found to be spreading such rumours will be severely dealt with. The investors are advised not to be misled by such rumours". There has been rumours that SEBI might ban participatory notes issued by FIIs and this has led to sharp fall in the stock price in the last three days. According to the SEBI figures, participatory notes issued by FIIs constitutes around 25 per cent of the total FII investment in India.
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