Sensex down 7 pts on winding-up movements
Mumbai—With July 2 closer than ever when rolling settlement comes into force on domestic stock markets, stock prices moved in an extremely narrow range amidst selling pressure as operators squared up positions.
Institutional buying support also did not help the market and the benchmark indices closed in the red with minor loses.
The Sensex opened almost steady at 3411.68 and fluctuated narrowly between a range of 3427.37 and 3391.72 before closing at 3404.86 — a minor fall of 6.78 points. S&P CNX Nifty also followed suit and lost 2.1 points to close at 1094.
Consistent net investments by foreign institutional investors (FIIs), who were good buyers in select technology stocks including Infosys Technologies, saved the day for the market and Sensex could manage to close above 3400-level.
Domestic financial institutions and mutual funds (MFs) made some purchases in select old economy stocks, said the market sources.

The Fed rate cut of 25 bps on Wednesday failed to prompt any major change in the sentiment on the Wall Street last night, while the Dow Jones Industrial Average lost moderately, the Nasdaq was up by over 10 points.
The trading turnover on the BSE dropped sharply to Rs 1,016.03 crore from previous Rs 1,593.24 crore. Infosys clocked the highest turnover of Rs 130.51 crore followed by Satyam Computer (Rs 84.98 crore), Wipro (Rs 80.60 crore), Global Telesystems (Rs 70.60 crore) and Digital Equipment (Rs 68.67 crore).
ICICI Ltd was the major loser with 5.29 per cent to close at Rs 73.40. HPCL was down by 4.35 per cent to close at Rs 156.
MTNL dipped under selling pressure to lose 3.85 per cent at Rs 125. Bhel, Tata Steel, Glaxo, ITC and cement stocks like Gujarat Ambuja and ACC were others among the major losers.
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BSE cuts transaction charges for futures trades
Mumbai--The Bombay Stock Exchange (BSE), has announced a reduction in transaction charges and given permission for sharing brokerage under the futures and options segment.
BSE has reduced the transaction and clearing charges in case of futures and options contracts and will be collected at a reduced rate of Rs 1.25 and zero, respectively, per side of the contract (after rounding up to the next 10 paise at client level) till September 30.
The reduction in transaction charges is expected to bring down the derivatives transaction cost drastically, making it financially feasible for new market players to fulfill their speculative and hedging needs, sources said.
However, these charges would be raised to Rs 5 towards transaction and Rs 1 towards clearing per side of the contract from October 01. The exchange has also given permission to its derivatives brokers to share brokerage, commission or any other fee earned by them from dealing in transactions, on a one-time basis or on a regular basis, with any person who introduces the business to the maximum of 100 per cent of such brokerage, commission or any other fee earned by the member from such transactions.
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Sebi okays Rs 650 offer price for German Remedies
Mumbai—According to the securities and exchange board of India (sebi) shareholders of German Remedies (GRL) participating in the open offer made by Zydus Cadilla will have to settle for the lower price of Rs 650 per share.
The capital markets regulator has ruled that it can only regulate the prices of the shares and not the prices of brands and, therefore, only the price of the shares (Rs 650) will be taken as the acquisition price and not the price, which includes the valuations of five brands bought by Zydus Cadilla from Asta Medica.

Asta, one of the German parents of GRL, had asked all bidders to submit two bids—one for only the shares and one along with the brands. The bid price along with the brands came to Rs 880 per share.
At the Sebi hearing on June 11, the investors (mainly, Universal Medicare) argued in favour of the higher price. However, both Zydus Cadilla and Asta insisted that only the price of the shares should be taken into consideration and the bid price should not include the brands.
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