Volumes create market record
Mumbai: In a day that was marked by high volatility in the market, two records were created. The combined turnover of the National Stock Exchange and the Bombay Stock Exchange crossed the Rs 10,000-crore mark for the first time. The figure was Rs 10,549 crore at the close of the day. The NSE’s turnover reached Rs 6,212 crore, beating the previous record of Rs 5,227.10 crore. The BSE had a turnover of Rs 4,544 crore, another high, against a previous record f Rs 4,204.11. Market players said high volatility is the main reason for this high turnover.

The second record saw the price of the Infosys Technologies scrip sail past the magical figure of Rs 10,000, touching an all-time high of Rs 10,009 on the BSE. The scrip closed at Rs 9,823.75, netting a gain of Rs 223 over its previous close. The company thus created a record, being the only stock in the Indian capital market with a face value of Rs 10 to cross the Rs 10,000 level.

Recently, Infosys had announced a 2:1 stock split. However, the company suffered a setback in its market capitalisation. Its market cap of Rs 32,526 crore is marginally lower than Wipro's Rs 32,653 crore, which is now placed in the second position. On the Nasdaq too, Infosys reached an all-time high of $300 a share.

Despite these records, the market did not look up, the volatility itself leading to rumours and subsequent withdrawal symptoms among traders. Only foreign institutional investors braved it to make purchases, but that too in select cyclical and infotech stocks. The benchmark Sensex of the Bombay Stock Exchange lost 65.40 points to close at 4799.The S&P CNX Nifty of the National Stock Exchange too lost 6.50 points to close at 1438.65.

Global Tele-systems, Himachal Futuristic, Silverline, SSI, Tata Elxsi and Pentafour Software crossed the upper bands of the circuit breaker. Another scrip to hit the band was Crisil, powered by the announcement of its Net plans.
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Sebi proposes sops for venture funds
Mumbai: The Securities and Exchange Board of India committee on venture capital funds is understood to be in favour of venture capital funds getting parity with foreign institutional investors for single window clearance, removal of restrictions on investments and permission to invest abroad. The committee is also for tax exemption for these finds on the lines of mutual funds. The committee had met on 8 December to discuss and prepare a draft of recommendations.
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NSE plans membership for derivatives
Mumbai: The National Stock Exchange is introduing a new  membership segment called the equity cum derivative segment. The NSE does not have a system whereby a new member can take up an equity segment membership. He will have to take a combined debt and equity segment membership for which  the deposit is Rs 2.50 crore. Existing NSE members will be able to trade in the derivatives segment on payment of an additional deposit of Rs 10 lakh.  Applicants for the equities and derivatives segments will have to pay a deposit of Rs 1.50 crore of which Rs 1.25 crore will be in cash and the rest in securities and bank deposits.
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