Markets unsteady
Mumbai: The Bombay Stock Exchange index of 30 shares closed at 4,733 on 28 September 1999, up 17 points from the previous close. The National Stock Exchange index of 50 shares closed at 1,379 points, reflecting a loss of 10 points. Reliance Industries, Zee Telefilms, Ranbaxy Labs, Satyam Computers, Pentafour Software, Global Telesystems and Silverline were some of the most highly traded stocks. The shares of Gujarat Ambuja Cements rose 7 per cent on bonus rumours.

After 2 per cent of Housing Development Finance Corporation equity changing hands on 27 September, another 1 per cent changed hands on 28 September. It is reported that one buyer bought 1.4 million shares at a price of Rs.310 per share.
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NSE allows smaller stock exchanges
Mumbai: Eight stock exchange subsidiaries that had applied to the National Stock Exchange will be enrolled as members. The NSE board has given its consent. The board has said that no concessions would be given to the new members and that they should have a net worth of Rs.2.5 crore deposited in cash.

The subsidiary members will also not be able to participate in the wholesale debt market segment as their entry has been restricted to the equity segment. They will also have to ensure that 51 per cent of their holdings are with the concerned regional stock exchanges and the rest widely held and not concentrated among a few members.
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Citibank to take 2.38 per cent stake in NSDL
Mumbai: The National Stock Exchange will sell 2.38 per cent of its holding in the National Securities Depository Ltd. to Citibank for Rs.3 crore. Citi is paying a 20 per cent premium to take the stake.

The equity of NSDL is Rs.105 crore. HSBC and HDFC Bank already have a 4.71 per cent stake in NSDL, which was bought from the Unit Trust of India.
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