A record 98 lakh demat shares were delivered in the physical segment of the National Stock Exchange (NSE) in the pay-in for the settlement ending June 10. These constitute 14.70 per cent in terms of quantity and 9.5 per cent in terms of value of the total settlement at NSE. The value of these shares was about Rs 166.42 crore. The total value of the settlement at NSE was Rs 1,737.98 crore for securities and Rs 456.30 crore in funds.

Sebi suspends TDS Securities: Sebi has suspended the registration of TDS Securities, a category III merchant banker for non-payment of annual registration fee. The licence of the merchant banker has been suspended with effect from June 8, 1998.

Pivotals down on MSE: Pivotals and popular counters drifted lower on persistent selling pressure on the Madras stock market on Wednesday. The MSE share price Index reacted to 3817.16 from yesterday's close of 3978.25 points. ITC declined by Rs 43.50 to Rs 608.85, Reliance by Rs4.95 to Rs 150.25, State Bank of India by Rs 10.60 to Rs 194.50, Larsen by Rs 19.25 to Rs 223.75 and Telco by Rs 5.40 to Rs 197. Ashok Leyland slid by Rs 1.90 to Rs 40. Pentafour Communication at Rs 124.60, DSQ Software at Rs 202.80, Hind Lever at Rs 1,550, ICICI at Rs 83.20, EI Hotel at Rs 263, Karur Vysya Bank at Rs 150, Rolta at Rs 45.85, Sathyam Computer at Rs 403.40, Software Solution at Rs 267.80 and Tisco at Rs 137.45 all drifted lower.

DSE Index down 34.92 points: Heavy-weighted stocks fell prey to bear hammerings and panic sales by foreign institutions at the Delhi stock exchange on Wednesday bringing down the DSE Sensitive Index by nearly 4.5 per cent. Stock brokers said the rupee which dipped to Rs 42.44 on mid-session against the US dollar mainly triggered fresh selling wave which pulled the Sensex sharply down by over 34 points. They said reports of sagging trends in Asian stock and currency markets also badly hit market sentiment. Reports that foreign funds have sold worth Rs 482.2crore in just five trading sessions in June after the presentation of budget was another factor behind today's selling wave. The Sensitive Index tumbled 34.92 points to 718.51 points.

Delhi bullion market marks hefty losses: An upsurge was shortlived on the Delhi bullion market on Wednesday when both the precious metals fell back on lack of buying interest along with a notable fall in international markets and closed with hefty losses. Likewise conditions in upcountry markets also influenced the trading sentiment. Marketmen said gold prices jumped down in Hong Kong by 5.20 US dollar per ounce at 290.45 on reports that the European Central Bank's gold reserves would be around 10 to 15 per cent. They said the Asian markets followed through on New York selling sparked by ECB president's statement that gold reserves were below the market expectations of 15 to 20 per cent. Standard gold and ornaments fell by Rs 35 each at Rs 4,290 and Rs 4,140 per ten gram respectively. Sovereign maintained the previouslevel of Rs 3,525 per piece of eight gram.

Silver reacts on Mumbai bourse: Silver prices reacted on the Mumbai bullion market on Wednesday due to weak global advices coupled with fresh arrival of raw silver. However, gold held steady on stray support. Ready silver (.999) and tenderable silver eased by Rs 15 each to close at Rs 7,850 and Rs 7,855 from the last close of Rs 7,865 and Rs 7,870 respectively. Raw silver (.916) declined sharply by Rs 55 to Rs 7,690 from Rs 7,745. Gold at Rs 4,230, 22-carat gold at Rs 3,915 and ten-tola gold bar (.999) at Rs 49,700 held steady.

AMEX to merge with Philadelphia exchange: The American Stock Exchange (AMEX) on Tuesday solidified its position as a leader in financial options trading by reaching an agreement in principle to merge with the Philadelphia Stock Exchange. AMEX said in a joint statement with the Philadelphia exchange that Philadelphia's board of governors had voted to accept its offer over a rival bid from the Chicago Board Options Exchange(CBOE). The proposed merger will likely bolster AMEX's position as the second largest options exchange in the country after the CBOE, and give it control over trading in the prized options of Dell Computer Corp. AMEX scrambled to present its offer early on Tuesday as the Philadelphia's board of governors met to vote of the CBOE's competing bid. AMEX had only approved a draft of its bid the previous day, according to a spokesman.

Tokyo stocks start easy: Tokyo stocks started easier on Wednesday as brokers detected sales following gains the other day which they said were not backed by solid fundamentals. But brokers said they expect the risk of a steep fall to be limited due to buying of shares in export-oriented manufacturers which benefit from the weak yen. An analyst at a second-tier broker said that sentiment at Tuesday's close was not good. The Nikkei closed above 15,500, but futures ended below the level. Tuesday's gains may be erased in the absence of fresh factors. As of 0028 GMT, the Nikkeiwas down 116.93 points or 0.75 per cent at 15,413.24.

Jakarta shares open low: Jakarta shares opened lower on Wednesday after a fall in the rupiah and amid weakness on most other Asian bourses. Brokers said a rise in heavyweight Telkom on arbitrage play following the further decline in the rupiah may prevent the overall Index from falling further. A local head broker said that the market will be flat today on the combination of arbitrage play and some profit taking. The composite index was down 2.72 points or 0.66 per cent at 408.36 points by 0245 GMT. Some 35 stocks were traded with losers leading gainers 12 to 9.

Australian scrips down: Speculation of an interest rate hike and a further slide in the Australian dollar pushed Australian shares lower at the the open on Wednesday. The benchmark All Ordinaries Index lost 16.6 points or about 0.6 per cent to 2,607.3. A Sydney-based dealer said that it had to be lower today - all this chatter about interest rates is spooking people. There is noreal reason to be a buyer at the moment.

Singapore market down: Singapore shares took a beating in early trade on Wednesday, depressed by continued weakness in the Japanese yen, dealers said. At 0215 GMT, the Straits Times Industrials Index was hovering precariously close to its crucial support level of 1,100. It was down 1.36 per cent, or 15.15 points, at 1,102.06.

"The yen is depressing the market. Liquidity is quite bad with very thin interest," said a broker with a local house. "Japan is seen as Asia's ray of hope during this crisis. Ifthe yen continues to fall, the fear is the Chinese yuan will be threatened and so will the Hong Kong dollar peg," said the broker. The dollar was off its earlier highs of about 141 yen bymid-morning in Tokyo, but remained well-supported at 140 yen. Total market volume was a paltry 38 million shares, with 32 gainers outshined by 119 losers.