Stock market in a retreating mood
Mumbai: After a week-long agility and dynamism, the Sensex appears to be in a retreating mood. It declined further by 40 points on 16 July to 4,639.94, reflecting lack of support from foreign institutional investors and the UTI's turning seller.

The cumulative loss for the Sensex in the last two sessions is 70 points.

Meanwhile, IT stocks, which were almost neglected in the upsurge in the last one week, have shown some firmness. Most IT companies have come out with positive first quarter results, and analysts feel this will give them further thrust.
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Infy crosses $100-mark on Nasdaq
Mumbai: Infosys Technologies went past the $100-mark on the Nasdaq on 16 July. The company has a market capitalisation of $7.84 billion -- Rs 33,908 crore on conversion -- on the Nasdaq, against Rs 16,898.77 crore on the Bombay Stock Exchange.

The Infosys ADR, or Infy, as it is called on the Nasdaq, gained 66 per cent during the week. It has almost trebled since its listing on11 March.
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A retirement age for brokers?
Mumbai: The M R Mayya Committee, set up by the Securities and Exchange Board of India to frame uniform rules and by-laws for stock exchanges in India is considering a proposal to fix a retirement age -- 75 -- for brokers.

The suggestion forms part of the recommendations in the draft report of the committee. However, there was resistance on this issue in the committee, and at least one member is understood to have submitted a note of dissent.     
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Sebi,  MF association figures vary
Mumbai: The Securities and Exchange Board of India and the Association of Mutual Funds in India are understood to be agreed on the performance of the mutual funds industry and over their rising fund mobilisation, but they disagree on the exact figure of the inflows.

Sebi says mutual funds mobilised Rs 22,710.73 crore on a gross basis during 1998-99 against Rs 15,171 crore in the previous year. However, the association says mutual funds have mobilised not more than Rs 22,000 crore in 1998-99.
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Government bonds placed with RBI
Mumbai: The government of India has privately placed Rs 2,500 crore of a previously issued bond, the 12.30 per cent 2016 stock, with the Reserve Bank of India. The private placement was done at the par value of Rs 100. 
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