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July 28-August 1: Joy as sensex surged ahead

A jubilant mood was witnessed as heavy weighted shares, particularly Tobocco giant ITC Ltd, led the smart gain and pushed the sensex ahead by 157.51 points on the country's premier Bombay Stock Exchange during the week from July 26 to August 1.

During the week, the Securities and Exchange Board of India announced some relief measures including disclosure of investors protection norms which will be discussed in next meeting. SEBI Chairman D R Mehta said that to protect investors, the equity would be placed by networth and disclosure of rating should be obtained from more than one agency. Promoters contribution should be made uniform at 20 per cent irrespective of the issue size.

The SEBI has also kept option for joint offer of securities by Indian companies in the local and international market. They want Global Depository Receipt (GDRs) to be listed on domestic bourses to help Indian exchanges and the depository to emerge as global bourses.

Resuming an uptrend, the BSE sensitive index closed at 4347.32 points as against previous week's close of 4189.81 points showing a net gain of 157.51 points.

The BSE-100 index closed at 1891.90 points over the last week's close of 1823.10 points, gaining 68.80 points. The BSE-200 and dollex indices finished at 421.25 points and 196.45 points as compared to last week's close of 407.25 and 189.92 points, increasing by 14.00 and 16.53 points respectively. The total turnover increased by Rs 1.7251 billion to Rs 45.0221 billion as compared to last week's total turnover of Rs 43.297 billion.

The market opened with mixed trends as specified scrips declined marginally whereas cash group shares increased as financial institutional investors diverted their mood towards the cash group shares.

Blue chief companies, including Tata Steel, Tata Sons, ICICI and Larsen and Toubro, had announced favourable results for the last financial year which also helped improve the sentiment of investors.

On Tuesday, the National Stock Exchange proposed a closing session between 1545 and 1600 hours to give trading members and investors across the country a chance to square up their outstanding position.

UNI