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October 18, 2007

Market Update - Biggest Crash of the Sensex and Biggest Recovery

What really happened it just lost 398 points instead of 1743 points why this much recovery the document that was released by SEBI yesterday evening made FII's top think that the P-Notes might be totally banned and today morning this was reflected in the opening market , It opened with a downward gap of 1,013.96 points at 18,037.90. When the trading was halted at 09:57 IST, Sensex was down 1,743.96 points or 9.15% to 17,307.90.Nifty provisionally ended down 134.15 points, or 2.37%, to 5,533.90. When the trading was halted at 09:57 IST, Nifty was down 524.15 points or 9.25% to 5,143.90.

In afternoon, Securities & Exchange Board of India (Sebi) Chairman, M Damodaran, clarified to television media that participatory notes (PN) are not being banned and there will be no bar on FII inflows. But it is important to differentiate between PN underlyings, he added. He said that 18 months for unwinding will be enough and during this time, serious investors can register themselves. PNs can be renewed post unwinding the equal amount. Sebi is looking at encouraging more FII registrations and therefore it may look at simpler FII registration norms. He also clarified that Sebi is not proposing a ban on offshore derivatives.

From rupya

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