NSE selling pressure downs market
Mumbai: Substantial selling by traders on the National Stock Exchange on the last day of its settlement had a chain reaction on the market with sizable offloading by operators.

Equities fluctuated in a narrow band before closing with marginal losses over previous levels. The 30-scrip Sensex of the Bombay Stock Exchange dropped by 32.18 points, to 4593.22. It has declined by 75 points in the past two days.

Reported weakness in markets in the US and Britain and South Asian markets also contributed to the lacklustre performance.

Satyam Computers ruled firm with its scrip price rising 4 per cent to Rs 1,645. Reports of its plans for American depository receipts were received well by the market.

Bombay Dyeing shares also gained by 8 per cent to close at Rs 61.05 on the basis of improved first quarter results.
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MFs told to cater to domestic market needs
Mumbai: New finance secretary Piyush Mankad has stressed that the mutual fund industry must cater to the specific needs of the domestic market instead of looking merely for products from other markets.

Addressing a Ficci seminar on "mutual funds on the move", Mr Mankad said genuine innovations are vital, where financial products are structured to the needs of the Indian economy.
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UTI to raise $200 million for infrastructure fund
Mumbai: The Unit Trust of India will raise $200 million for its India Infrastructure Fund from overseas investors in October 1999. UTI plans to raise a total of $500 million for the fund.

The subsequent investments will be accepted in one or two tranches. UTI sources said the fund will invest up to 80 per cent of its corpus in the equity of infrastructure projects with the balance in debt.

UTI has signed a memorandum of understanding with AMP Ltd, the Australian financial services company, for launching the fund, which will essentially invest in power, transportation, oil and gas, telecom and urban infrastructure sub-sectors.
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Inflow into MFs to touch $10 billion
Mumbai: The net inflows into mutual funds in the country will soon touch the $10-billion mark. In the first quarter of the current financial year, mutual funds mobilised over Rs 8,800 crore with a net inflow of Rs 3,024 crore, the Securities and Exchange Board of India has revealed.

Sebi chairman D.R. Mehta said private sector mutual funds have mobilised more funds than the public sector funds in the first quarter of the current financial year. Mr Mehta also revealed that the daily volumes in the Indian stock markets are at a staggering Rs 8,000 crore compared to Rs 400 crore six years ago.

The annual turnover of the Bombay Stock Exchange and the National Stock Exchange would touch $2 billion compared to $3.6 billion at the Tokyo Stock Exchange.
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Sebi drive against insider trading
Mumbai: The Securities and Exchange Board of India will launch a two-pronged attack to curb insider trading. It will set up a committee, which will prescribe a list of do's and don'ts for companies and intermediaries to serve as back up regulations. It is also asking leading stock exchanges to ensure that they use the stock watch system effectively to ascertain trading patterns witnessed in scrips prior to corporate announcements.
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