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Markets

Wednesday, May 13, 1998

	Raiders on the prowl send Bank of Madura scrip soaring high Is Bank of Madura (BoM) under attack by a raider? No, says chairman KM Thiagarajan of the small but thriving private-sector bank. But other bankers, merchant bankers and stock-market circles are not buying his answer. What they are buying, as a matter of fact, are Bank of Madura shares.		Market sees 38% jump in Corporation Bank net Leading broking firms estimate Corporation Bank's net profit for 1997-98 to be between Rs 161.10 crore and Rs 177.1 crore. An average of the profit estimates made by eight broking houses is Rs 172.29 crore -- a 38 per cent growth over the previous year.
	CII calls for promotion of venture capital, sops to rejuvenate stock markets The government should create a policy framework to promote venture capital, a major economic stimulant in many developed countries, to revive the capital markets in India, the Confederation of Indian Industry (CII) said on Tuesday.		Forward rupee slips, gilts slide under the shadow of United States sanctions The foreign exchange and securities markets went through the "bomb effect" on Tuesday and registered a kneejerk reaction to the nuclear test conducted by India on Monday. The forward rupee slipped considerably under the shadow of US sanctions and lost ground by around 1.4 per cent as importers rushed to cover.

Nervousness spreads to GDR markets
The Skindia GDR Index shed 4.88 per cent on Tuesday to close at 901.89 points as market makers preferred to "wait and watch" for further developments before making any commitments.

Funds industry hails move to kick off derivatives
The mutual fund industry, while welcoming the move by SEBI to trade in derivatives, feels that it is going to be a long haul for them before they finally take themselves to a position to utilise the benefits of trading in the hedging instruments.

Edible oils further up; precious metals decline; sugar stead
Commodity Briefing
Scrips dip in kerb
Sumitomo deals leave unanswered queries
Sensex may fall to 3,852 levels; avoid fresh purchases for now
Bharat Forge
Market Round-up
Paper Products' scrip takes a beating
Traders should limit deals
Market Briefing
The tremors are mild now, don't panic
N-factor halts software run as initial jitters wipe 77 points off Sensex
...and then there were some bulls as well
Commodity trade cautious after N-tests
Indian kerosene imports support Asian market
Australian milling wheat market remains steady as grain keeps coming