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Drumbeat: Ad Buzzaar
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Wednesday, May 13, 1998
Scrips dip in kerb
Our Bureau
MUMBAI, May 12: As news of US president Bill Clinton's intention to impose sanctions against India trickled down, operators started pressing for sales in kerb deals. With only sellers and no takers in the kerb deal, ITC was offered at Rs 770 against BSE's close of Rs 775, SBI Rs 263 (Rs 265.8 on BSE) and Reliance Rs 184 (BSE close Rs 185.2).On Tuesday, the initial jitters among market men saw nearly 77 points wiped off the Sensex. Most marketmen were of the view that there was no reason to panic and the nervousness would die-down soon. In the forex market, forward rates on the dollar firmed up across all maturities, with the six-month premiums (annualised) shooting up by as much as 1.4 per cent. Dealers said State Bank was in the market to buy dollars on behalf of the Reserve Bank. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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