Downgrades reflect industrial gloom: Debt instruments of 70 corporates have been downgraded by rating agencies in October against a monthly average of 30. Although non-banking finance companies are the main casualties, the downgradings also reflect the gloom in the industrial sector. In fact, ratings by various agencies show that the quality of debtinstruments of some high-profile manufacturing companies have dropped from moderate levels to risky levels. In contrast to the earlier trends, more manufacturing companies now figure in the downgrades list.NSDL clearing membership soars: The number of brokers that have opened depository clearing member accounts with National Securities Depository Ltd (NSDL) has topped the 2,000-mark. This number is expected to cross the 3,000-mark as another four stock exchanges are expected to go on to the depository map in less than a month from now. In a related development, some brokers have written to NSDL to urge SEBI to extend the list of securities where only demat trading is permitted owing to sharp reduction in bad deliveries.

The tractor take-off: There has been a renewed buying interest in the Punjab Tractors counter. Thanks to the 42 per cent jump in net profit, the scrip in a lacklustre market on Friday zoomed from the previous close of Rs 741 to touch a high of Rs 788 to close marginallylower at Rs 785. Volumes too shot up from 3200 to over 9700 shares on BSe. The recent results have made valuations even more attractive and a net profit of Rs 58.7 crore on a small equity of Rs 20.25 crore yields a very high annualised earning per share (EPS) of around Rs 60.

Open offer hopes spur Birla 3M: Expectations of a possible open offer has done wonders to the Birla 3M scrip. The offer price estimated by the market is around Rs 380-400 and the result: A sharp rise in the scrip to Rs 295 from Rs 214. The rise in the scrip price is accompanied by large volumes. However the scrip witnessed a correction on Tuesday as stock exchanges were closed on Wednesday. Even on Thursday the scrip fell following the announcement of first half results which were not in line with the market's expectation.

NSE to function on Oct 31: The National Stock Exchange would conduct a trading session next Saturday, October 31, to test the functioning of the back-up site for capital market operations set up atPune. In order to facilitate normal trading activity and to counter any technical difficulties that may arise during the first live operations from the back-up site, a trading session would be conducted on October 31. The exchange has recently completed a successful mock trading session from its back-up site in Pune.

Shares end higher on DSE: Stocks closed higher on the Delhi Stock Exchange on huge short covering towards the middle of the session following the end of settlement. The DSE sensitive index, which dipped to 620 points in early trading, rebounded to close 4.5 points higher at 630.44 points. "Today's recovery was mostly a technical correction as most of stocks have already touched their bottoms," said a DSE broker. ITC shot up by Rs 36.75 to Rs 714.75 after rising to Rs 720 following frenzied buying by speculators.

Moderate losses on MSE: Equities settled with small to moderate gains on the Madras Stock Exchange. The MSE share price index slipped by 6.03 to close at 3,201.88 asagainst Thursday's close of 3,207.91 points. Reliance went up further by Rs 2.45 to Rs 107. Satyam Computers improved by Rs 13.15 to Rs 558.60. SBI rose by Rs 3.90 to Rs 156.95. Silverline moved up by Rs 1.30 to Rs 81. ITC strengthened by Rs 10.35 to Rs 706.30. Macmillan hardened by Rs 10 to Rs 775. Pentafour Communications firmed up by Rs 3.30 to Rs 102.30.

Nikkei falls 1.06 pc: The Tokyo Stock Exchange's main index fell Friday on profit-taking following a five-day rally, while the US dollar climbed against the yen. The benchmark 225-issue Nikkei stock average fell 150.86 points, or 1.06 per cent, closing the week at 14,144.70. The decline in the Nikkei came after the average had gained a total of 1,300.19 points in the previous five trading days, including Thursday's 79.23-point gain, or 0.56 per cent. In late afternoon, the dollar bought 119.14 yen, up 1.42 yen from late Thursday in Tokyo and also above its rate of 117.87 yen in late New York trading overnight.

Jakarta stocks down 1.1 pc:Indonesian shares closed 1.1 per cent lower Friday with late trade in selected large caps softening the fall due to profit taking, dealers said. ``The market was quiet in the morning session ... the transaction volume was very thin. But the market suddenly got energy just after the second session opened,'' a dealer with Lippo Securities said. The Jakarta Stock Exchange composite index ended down 3.380 points at 313.415 with 169.1 million shares worth 223.3 billion rupiah ($28.1 million) traded.

Malaysian shares end 0.2 pc lower: Malaysian share prices closed 0.2 per cent lower Friday as prime minister Mahathir Mohamad unveiled an expansionary 1999 federal budget in line with market expectations, dealers said. The Kuala Lumpur Stock Exchange's 100-share composite index fell 1.84 points to end at 419.72.

Singapore shares close marginally lower: Singapore share prices fell 0.3 per cent Friday, coming off sharply from earlier losses due to profit-taking. Bank stocks took a beating as Moody'sInvestors Service put Singapore banks under review for a possible ratings downgrade, but support re-emerged on speculation of a possible interest rate cut by United Overseas Bank (UOB), dealers said. ``Although the downgrade was more or less expected, the overall market was also weaker because it showed things have not improved,'' a dealer with a local brokerage said. The Straits Times index closed 3.91 points lower to 1,113.59, while the broader all-Singapore index shed 0.12 points.