Profit booking results in weak market
Mumbai: On a day of profit booking, the stock markets turned weak. Several traders preferred to lighten their commitment on the last day of the current settlement on the Bombay Stock Exchange, aware of the high badla charges due on 31 July. At the end of the previous settlement, badla charges were high, averaging over 20 per cent against around 12 per cent in the preceding settlement.

There were brisk sales in Gujarat Ambuja Cements scrip, the price of which flared up to a new 52-week high of Rs 388. There was hectic buying, mostly speculative, on rumours of a bonus issue. The Zee Telefilms scrip shot up to Rs 2,132 on renewed speculative buying, and Mahindra & Mahindra moved up to Rs 381, while HPCL, Colgate, BHEL, Tata Chemicals, ACC and Nestle lost ground.

The 30-scrip Sensex of the Bombay Stock Exchange declined to 4526.60, reflecting a net loss of 61 points.
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BSE card at Rs 1.61 crore
Mumbai: The value of the Bombay Stock Exchange card has moved up to Rs 1.61 crore. The governing board of the exchange has accepted a bid for this amount for a card of a defaulting member, which was put on sale.

A BSE card sold at Rs 1.46 crore on 24 June 1999. Last year, the cards were available at Rs 85 lakh.
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Sebi prefers common inquiry by bourses
Mumbai: The Securities and Exchange Board of India is in favour of stock exchanges conducting common investigation into cases of price manipulation where a scrip is listed on several exchanges and the brokers involved are members  different exchanges.

Sebi is discussing this with the exchanges and it has been pushing them to work together on issues of surveillance. The matter is expected to come up at the next meeting of stock exchanges under the inter-exchange surveillance group on 9 August.
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Depository link-up not possible by 7 August
Mumbai: The Securities and Exchange Board of India has been informed that the 7 August deadline set by it to establish connectivity between the two depositories -- Central Depository Services and the National Securities Depository, will not be met.

It will require at least another two weeks for connectivity to be established, technical teams of both the depositories have told Sebi. The delay has been on account of different software being used by the depositories.
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Fedai permits Reuters system
Mumbai: The Foreign Exchange Dealers Association of India has given a green signal to Reuters Transaction Services to operate the Reuters Dealing 2000-2 foreign exchange matching system in India. Reporting the development, The Economic Times said the move will adversely affect the future of 60 foreign exchange brokerage firms employing some 1,000 people in the country.

Reuters had already obtained a clearance from the Reserve Bank of India for the service some five months ago. It has been claiming that the service is a match-making system and does not amount to broking, but forex brokers, including those operating abroad, claim it is actually a broking system.
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Nasdaq to offer shares to brokers
New York: Nasdaq, the stock market that conjured visions for infotech stocks all over the world is up for sale. Its promoters, the National Association of Securities Dealers, said its board has approved plans that effectively mean the No 2 equities market in the US will be sold to its participants.

Analysts see this as a move to compete better with fast-growing alternative stock trading systems.

The staff of NASD will explore ways to sell Nasdaq's stocks to participant brokers, which would provide an incentive for them to send customer orders to Nasdaq. NASD said it may even sell shares to the public. The decision comes a week after rival New York Stock Exchange, No 1 in the US stock market, revealed plans of an initial public offering.
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LSE to end mutual status
London: The London Stock Exchange says it is planning to end its mutual status and to make its shares transferable. The exchange's step is in response to the technological changes happening internationally in stock trading.

The proposal is subject to approval by an extraordinary meeting of the exchange's 294 shareholding members.
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Securities companies take stake in Easdaq
London: A number of securities industry companies have acquired stakes in Easdaq, the pan-European electronic stock market. The deal is the latest in alliances in Europe and the US as the industry grapples with the growth of electronic trading, particularly on the Internet.

The Brussels-based Easdaq, established in 1996 to attract technology and growth stocks, has grown slowly and has been overshadowed by the Euro. NM, an alliance of European exchanges aimed at small growth companies.

Easdaq said it has raised $24.2 million through a private placement of shares that had expanded its shareholder base to include Knight/Trimark, the largest market maker on Nasdaq, Morgan Stanley Dean Witter, Goldman Sachs, Tradepoint, the UK electronic market, and Crea Invest, a venture capital group.

Knight/Trimark is the largest shareholder, with a holding of about 19 per cent.
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