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Reserve Bank's open market operations come a cropper
The Reserve Bank of India (RBI) suffered a setback in its open market operations (OMO) yesterday. The RBI had put for sale the 12.59% central government security maturing in 2004 at Rs 106.80 -- higher than the prevailing market price of 106.35, a clear indication that it wanted interest rates to drop. This move, however, did not generate any response from the market.
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Tepid response marks institutions' paperless trading on first day
The Securities and Exchange Board of India (SEBI) will be hoping that the first day of compulsory demat trading by institutions would not be indicative of a trend. While volumes in the eight mandatory scrips remained thin at the National Stock Exchange, at the Bombay Stock Exchange, the demat segment was dormant. A major bulk of the trading was limited to scrips of Reliance, SBI and ICICI.
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Century Prudence gets a one-year extension
The Centurion Prudence scheme of Twentieth Century Mutual Fund has been extended by a year. The scheme, slated to close in December 1997, was extended by the company, citing the better portfolio and growth prospects associated with the scheme.
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Castrol scrip flies high on wings of bonus rumours
Bonus rumours propelled Castrol India's scrip on Thursday. The market is expecting a 3:5 bonus announcement from the lubricant giant. The effect of this rumours became more evident when in a trading session which saw the Sensex dropping by over 30 points, Castrol's scrip shot up by Rs 20 to Rs 697 on the BSE. On the NSE too, the scrip shot up to touch a high of Rs 699.
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