Online edition of India's National Newspaper
Wednesday, Oct 24, 2007
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Online edition of India's National Newspaper Wednesday, Oct 24, 2007 ePaper |
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MUMBAI: With broad-based participation by investors, the benchmark, Bombay Stock Exchange (BSE) sensitive index (Sensex) surged ahead by 878.85 points to make the biggest ever gain. All the key indices ended in the positive territory. Metal, realty, power, including oil and gas, and capital goods led the rally. The Sensex was up by 878.85 points or 4.99 per cent at 18492.84, and the 50-share Nifty by 288.30 points or 5.56 per cent at 5472.30. The move by the Chairman of Securities and Exchange Board of India (SEBI), M. Damodaran, on Monday, clarifying the issues connected with the Participatory Notes (PNs) with the foreign institutional investors (FIIs) concerned and other market participants and his firm resolve to end the back door entry of some entities, gave the right direction to the market. The market moved up on Tuesday with more clarity that the India growth story was intact with no place for manipulators. In a video conference with leading FIIs on Monday, SEBI said that proprietary sub-accounts of FIIs could issue P-Notes till they were officially registered with it. These sub-accounts should inform SEBI about their intention to register on Tuesday and send applications within a week. The market regulator said it cleared 16 FII applications on Monday. Corporate sub-accounts will not be entertained though. SEBI chief M. Damodaran also said that he might allow more than one entity of a single FII to register with it. These were the key takeaways from Monday’s conference call and should cheer up the market this morning, India Infoline statedIn addition, global markets rebounded overnight, led by U.S. shares. Most Asian markets were trading firm on Tuesday.
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