THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Wednesday, March 28, 2001

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Markets

Fast track
Vote of confidence in Hughes
OVER the past couple of weeks, the markets have been battered by a barrage of bad news. The dismissal of the governing board of the Bombay Stock Exchange was followed by a deepening payment crisis at the Calcutta Stock Exchange. The Income Tax raid on so me of the key stock brokers this week, revealing tax evasion, has further undermined confidence in an already jittery market.

Impact
Ashok Leyland: Statutory push
The directive of the Supreme Court that all commercial vehicles in New Delhi ought to convert to natural gas by March 31 is likely to benefit Ashok Leyland.

Max India: One-time cash flows
Max India's share price is likely to witness a short-term uptrend on the heels of the divestment in its pharmaceutical joint venture with Gist Brocades (GB).

Stocks
Wall Street data gives edge to tech stocks
THE Bombay bourse seems to be recovering after a phase of depression. The 30-stock Sensitive Index appreciated by 1.61 per cent, or 58.50 points to end Tuesday at 3,694.82 points from the previous close of 3,636.32 points.

Lyons Range
KOLKOTA: THE volume at the Calcutta Stock Exchange continued to limp on Tuesday as a large number of members did not participate in trading. The total turnover of the exchange was just Rs 104.83 crore.

Technical Analysis
Bulls dominate
THE bulls dominated the market on Tuesday, resulting in a gain in the value of the index by 17 points over the previous last traded value. However, the downtrend in the index continued for the fourth calendar day. The sentiment of the tradable list also continued to favour the bears.


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