Indian shares tread water ahead of Sebi decision on p-notes, derivatives expiry |
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Thu, 25 Oct 2007 06:18
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MUMBAI (Thomson Financial) - Indian shares opened little changed with investors remaining cautious ahead of October derivatives expiry today and as the market waits for the market regulator's decision on proposals to restrict the use of participatory notes as investment vehicles in India.Investors don't want to commit before a clearer picture emerges on the Securities and Exchange Board of India's proposed policy.At 0445 GMT, the Bombay Stock Exchange's benchmark Sensex was up 0.30 pct, or 55.11 points, at 18,568.02, and the National Stock Exchange's S&P CNX Nifty was up 0.20 pct at 5,506.95 points.Among BSE-30 scrips, 17 shares advanced and 13 declined. In the broader market, 970 shares gained, 396 lost and 23 were unchanged.Power equipment supplier BHEL Ltd was up 2.46 pct at 2,330.10 rupees on hopes that it will report robust second-quarter results later today.Banking shares rose on views that there may be some relaxation in domestic monetary policy, which is due for review by the Indian central bank when its board meets next week. ICICI Bank was up 1.31 pct at 1,112 rupees and State Bank of India rose 0.84 pct to 1,924 rupees.Shares of TVS Motor Co Ltd were down 2.21 pct at 55.40 rupees after the company said September-quarter revenues and net profit fell.Hyderabad-based drug company Dr Reddy's Laboratories Ltd was trading 1.58 pct lower at 620 rupees after the company reported a 4.5 pct drop in second-quarter net profit.TFN.newsdesk@thomson.comssh/ranCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Indian market regulator says 18 month timeframe for unwinding p-notes stays 