Stock markets close at record highs
Mumbai: The Bombay Stock Exchange index of 30 shares closed above the 5000 mark for the first time in its history. Intra-day it touched a high of 5150, after which it met with selling pressure and closed at 5031, up 50 from the previous close. The National Stock Exchange index of 50 shares closed at 1484, reflecting a gain of 4 points.

Ranbaxy Laboratories topped the turnover list with Rs.352.4 crore worth of shares traded. Others that followed were Satyam Computers, Pentafour Software, Zee Telefilms and Reliance Industries.

On the BSE, 36 Group ‘A’ stocks have appreciated 10 per cent in three days.
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Rolling settlement may be delayed
Mumbai: If the Securities and Exchange Board of India wants to ensure that the new model of transfer of shares from one depository to another should be operational, its plans to implement the rolling settlement may be delayed.

Legal changes to be made by the National Securities Depository Ltd. and major software changes required may push back the proposed launch of the rolling settlement launch by the Sebi.

Compulsory dematerialised trading is planned to start on 29 November 1999. The market cap of 56 of these shares is around Rs.40,000 crore.

Sebi has in the meantime decided to reject the Verma panel recommendations that primary issues below Rs.25 crore be allotted only in the dematerialised form.
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ITC, Reliance, HLL top three UTI investments
Mumbai: The Unit Trust of India holds 11.1 per cent, 11.6 per cent and 3.3 per cent or 2.7 crore, 11 crore and 0.74 crore shares of ITC, Reliance and HLL respectively. In absolute terms, the market value of holdings in these companies were Rs.3,001 crore, Rs.1,954 crore and Rs.1,762 crore respectively.

Sectorwise, the UTI has invested 12.7 per cent in diversified companies, 8.25 per cent in the cigarette industry and 7.7 per cent in refineries.
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BSE announces 5 sectoral indices
Mumbai: The Bombay Stock Exchange announced the introduction of indices for the information technology, fast moving consumer goods, healthcare, capital goods and consumer durables sectors. These indices will be subsets of the BSE 500 index. The exchange feels that the new indices will help stock market players monitor industry-wise trends.
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US investors prefer exporters
Mumbai: Indian export houses would be welcomed by the US investors as and when these companies go for a listing on the Nasdaq Stock Exchange, according to Patrick N S Sutch, director, Asia-Pacific, Nasdaq International. He said that export-oriented companies are preferred because they are less vulnerable to rupee depreciation and economic fluctuations.

Mr.Sutch said that several companies from the telecommunications, software, pharmaceuticals, automobiles, finance and other sectors have applied for a listing on the Nasdaq.
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Dundee MF launches two schemes
New Delhi: Dundee Mutual Fund has launched the Dundee PSU Bond Fund and the Dundee Corporate Bond Fund, which are open-ended fixed income schemes. The PSU bond fund will invest in debt instruments of public sector undertakings. The mutual fund targets Rs.30 crore from the two schemes. The issue closes on 18 October 1999.
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SBI Mutual registers good average NAV growth
Calcutta: The SBI Mutual Fund’s domestic schemes have seen a rise in their total corpus amount to Rs.1,587 crore in fiscal 1998-99, up from the Rs.1,490 crore in the 1997-98. For fiscal 1998-99, SBIMF has shown average net asset value growth of 31.4 per cent.
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