Markets down
Mumbai: The Bombay Stock Exchange index of 30 shares declined 53 points to close at 4783 on 23 October 1999. The National Stock Exchange index of 50 shares closed at 1430, registering a drop of 23 points from the previous close. Sources say that foreign institutional investors sold about Rs.104 crore worth of shares.

Badla rates on the Bombay Stock Exchange were expected to be around 20 per cent as financiers feel the market is not facing any liquidity problems. The markets are still worried about the long positions held by some brokers.
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Indian-promoted stocks on the Nasdaq
Mumbai: According to a survey conducted by www.excite.com on the Nasdaq stock market in the US, a large chunk of Infosys and Satyam Infoway shares listed on that exchange have been bought by non-resident Indians residing in the US.

Shares of Sycamore Networks Inc., promoted by Indian Desh Deshpande, listed at $270-7/8 on the Nasdaq, a premium of 613 per cent from the issue price. This is the largest ever jump by any scrip on listing, in the history of Nasdaq. The Massachusetts-based company raised $284.1 million through its recently concluded public offer.
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NSE to seek permission for enrolling new members
Mumbai: The National Stock Exchange will be writing to the Securities and Exchange Board of India for permission to enroll new members in its planned derivatives segment. The government has just given approval for the introduction of derivatives in the Indian stock markets.

Under current guidelines, the NSE cannot enroll in the derivatives segment any brokers who are not already members of the exchange. The exchange proposes to levy an additional Rs.10 lakh from existing members to make them eligible for the derivatives segment.

In another move, the NSE will have two trading cycles between 29 December 1999 and 4 January 2000. The first one will begin on 29 December 1999 and end on 30 December 1999. The second will start on 3 January 2000 and end on 4 January 2000. On 31 December 1999, the NSE will remain closed.
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Jardine Bond Fund does well
Mumbai: According to a report published by Jardine Fleming India Asset Management, the Jardine Fleming India Bond Fund (income plan) has shown a return of 11.44 per cent during the period 30 June 1999 to 11 October 1999. If dividend is also taken into account, the return notched up is 12.35 per cent. In its growth plan, the fund has shown returns of around 13 per cent for the same period.
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