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Markets

Thursday, May 7, 1998

	SBI makes momentus entry into secondary ring The State Bank of India (SBI) has launched secondary market operations in equity. This is the first time the country's largest commercial bank has purchased stocks from the secondary market. The SBI move is likely to open the floodgates to investments by commercial banks in the stockmarkets.		Sebi serves showcause notice on plantation companies' association The Securities and Exchange Board of India (SEBI) has issued a showcause notice to the Association of Agri-plantation Companies of India (AAPCI). The market regulator has asked the association and its office-bearers why appropriate directions under Section 11 and 11B of the SEBI Act should not be issued against them and prosecution proceedings under Section 24 of the SEBI Act should not be instituted against them.
	RBI committed to developing debt market The Reserve Bank of India (RBI) chief general manager of internal debt management (IDM) K Kanagsabapathy has reiterated the central bank's commitment to boost the debt market. The RBI has taken other major steps like promoting the demat segment and making more bank finance available to market-makers in order to develop the market in corporate and government debt paper.		BSE to kick off warehousing of institutional trades on Monday The Bombay Stock Exchange (BSE) is all set to start warehousing of institutional trades from May 11. The exchange has amended the BOLT (BSE online trading) net software to ensure compliance with the conditions stipulated by the Securities and Exchange Board of India (SEBI) on the implementation of warehousing of trades by institutional clients.

Sensex dips 78 points on panic-selling
Panic-selling fuelled by rumours of another crises in an Asian market and lack of institutional support saw the BSE 30-share Sensitive Index plunge below the crucial barrier of 4,100 points to close at 4,069.79, registering a sharp fall of 77.50 points. Echoing a similar sentiment, the Nifty Index closed at 1,172.45 points, losing 15.65 points.

BSE lets Nestle off the hook
Nestle India has finally succeeded in its efforts to clear the air with the Bombay Stock Exchange (BSE) after deliberations for over a month. While the governing board of the BSE after hearing the case made by the Nestle representative accepted Nestle's argument for the delay, BSE president JC Parekh stated that the former has assured the latter that in future no such delay will take place.

Castorseed futures flare up on brisk buying; precious metals decline
Political impasse halts bull run
Madras Cement to remain bullish
Poor show by Grasim pulls down scrip price
Credit Suisse First Boston acquires BSE membership at "lowest cost"
Market Round-Up
Market Briefing