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There goes the Sensex again

Our Correspondent

With the spate of bad news, the post-Budget rally of February 28 and March 1 fizzled out in the next two trading days and the Sensex lost 9.7 per cent from its March 1 high to close just below the 4000-point mark on March 5, 2001.

First, the market fell on Friday by 176 points. Oracle issued a warning on Thursday, the Nasdaq fell and had an effect on Indian tech stocks. But this was not all. Securities and Exchange Board of India (Sebi) announced an enquiry into short sales of a few brokers. There have been reports of Global Trust Bank asking Ketan Parekh for more margin payments.

All these incidents led to a fall in the Sensex; the major losers being Zee Tele, Satyam Computer, Infosys and NIIT. Since Global and Himachal are not included in the Sensex, the fall in the Sensex has been contained. Global is down 34.6 per cent and Himachal lost 24 per cent between February 28 and March 5. Zee was the biggest loser from Budget day, losing 33.11 per cent. It is mainly the infotech and entertainment stocks that have declined though BSES and Novartis have also lost 12 per cent each. Glaxo and SBI have been the major gainers at 10.29 per cent and 6.8 per cent respectively. Only ten stocks of the 30 Sensex stocks have declined more than the Sensex fall of 5.86 per cent.

Here is a closer look at the Sensex components.

TECH STOCKS LEAD SENSEX FALL

Company	Close (Rs)	Close (Rs)	Change	Post-Budget	Post-Budget
	Mar 5	Feb 28	(%)	high (Rs)	low (Rs)
Sensex	3998.12	4247.04	-5.86	4386.98	3947.71
Zee	114.55	171.25	-33.11	178	114.55
Satyam	246.6	347	-28.93	353	236.85
Infosys	4815	6258	-23.06	6330	4610
NIIT	1059	1243	-14.80	1279	934
BSES	193.1	220.75	-12.53	244.9	192
Novartis	363.15	412.7	-12.01	434.5	331
Telco	92.4	102.35	-9.72	109.9	91.5
ICICI	98.9	108.6	-8.93	112.6	94
Castrol	256.95	273.05	-5.90	282	251.15
ITC	740	778	-4.88	829	719
Reliance Petro	59.2	61.85	-4.28	64.3	58.2
M&M	155.75	161.5	-3.56	171	152.5
Tisco	149	154.5	-3.56	168.9	148
Colgate	175.85	181.95	-3.35	188.5	174
Nestle	528.4	545.7	-3.17	589.3	513.25
Dr. Reddy's	1302	1333	-2.33	1390	1299
HLL	225.7	229.4	-1.61	239.45	205.25
Reliance Ind	409.45	414.1	-1.12	451.8	402
Grasim	319.65	320.4	-0.23	345.1	297.5
Guj Ambuja	191.2	188.2	1.59	207.5	180.55
ACC	181.45	177.85	2.02	199.8	172
MTNL	150.85	147.6	2.20	162.7	136.05
L&T	267.5	261.35	2.35	289.5	253.5
Ranbaxy	707	690	2.46	740	672
HPCL	181.7	176.8	2.77	204	172
Bajaj Auto	335.95	324.75	3.45	350	316.1
Bhel	167.75	161.85	3.65	183.15	157.7
Hindalco	821	771	6.49	834	741
SBI	262.45	245.75	6.80	276	225
Glaxo	509.65	462.1	10.29	515.5	458

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