The Financial Express Markets Page

The Indian Express

The Financial Express

Latest News

World News

EIW

Market Indicators

Screen

Celebrity Chat

Express Computers

Advertisers Forum

Career India

Business Forum

Match Maker

Express Properties

Travel & Tourism

Information Technology

Astrosurf

Eco-India

Dr Know

Graffiti

Crossword

Drumbeat: Ad Buzzaar

Markets

Friday, May 15, 1998

	Sensex bounces back 115 points on buying by foreign funds The stock markets found a new direction yesterday, with investment buying pouring in from mainly from foreign institutional investors, thanks to the sharp fall in the rupee. The market also saw buying interest driven by rumours and hopes. There was talk of the government issuing an ordinance to permit buyback of shares. Besides, marketmen expected a bonus from ITC.		FM panel suggests compulsory market-making for new issues The Union finance ministry's informal group on capital markets has suggested compulsory market-making and pleaded for restricting private placement to qualified institutional investors (QIIs) or high networth individuals. With regard to market-making, the group was of the view that it should be made mandatory for a period of six to 12 months after the listing of the issue.
	RBI may withdraw forward cover for FII debt investments The market expects the Reserve bank of India to withdraw the forward cover facility given to foreign institutional investors' (FII) investments in debt and NRE and FCNR(B) account holders to take the pressure off the rupee. The central bank may withdraw these facilities as a warning to the market about its seriousness in holding the rupee at a reasonable level.		Kaul panel moots separate act for MFs The PK Kaul committee on mutual funds has recommended the functioning of mutual funds on the lines of a corporate entity. It has called for a common act to govern mutual funds and repealing the UTI Act while providing an additional role for the trustees in the functioning of a mutual fund. It has also proposed a separate statute be enacted for the establishment and regulation of mutual funds.

Amfi plans to set up derivatives committee
The Association of Mutual Funds in India (AMFI) is to set up a committee to study and formulate guidelines on derivatives trading. The report of the committee would be submitted to the Securities and Exchange Board of India (Sebi) by end the of June. The committee will also look into the modalities for mutual funds to invest abroad.

Sebi adds 20 scrips to demat list
The Securities and Exchange Board of India (Sebi) has decided to expand the list of securities in which institutions are required to compulsorily trade in the demat mode by 20 scrips. It has also urged market participants to boost the value of dematerialisation to Rs 50,000 crore from the current level of Rs 28,000 crore and ensure that at least five stock exchanges have tied up with the National Securities Depository Ltd (NSDL) by August 15, 1998.

RPG group sells venture stake to Japan's Ricoh
Tokyo palladium surges, lease rates jump
Indonesian palmolein trade at a standstill as fresh riots erupt
Transport of oils disrupted
Singapore gas-oil swaps plunge 50 cents as sellers lose confidence
Global demand for palladium likely to grow
Financial Briefing
Rupee sinks to all-time low of 40.77
RBI unworried
ITC-Agro rides on rising edible oil prices; appreciates 34%
"Go retail, earn incentives" is the new NSDL mantra
Magadh bourse to join ISE soon
Dow Jones posts anew high at 9,211
Rumour mill sees buyback ordinance coming
Market expects bonus from ITC
Sensex recovers as tremors from sanctions subside
Book losses in Gujarat Alkalies
Market Round-Up
Market Briefing
Reliance slashes POY price again; sugar declines
Commodity Briefing
RBI unlikely to prop Re as it moves to realistic levels