Abrupt end to pharma rally
Mumbai: The pharma rally was a one-day affair as most of the stocks that touched the circuit breaker on 21 December scaled down to lower levels. On the other hand, infotech and media stocks demonstrated that they are here to stay. Infosys Technologies reached a new high of Rs 11,069 on the Bombay Stock Exchange. Digital Equipment and Global Telesystems were the other stocks that witnessed intense activity. In the media category, Zee Telefilms recorded a turnover of Rs 701.5 crore, amounting to 18 per cent of the total turnover of the BSE. The stock gained Rs 36 in one day to touch Rs 942 at the close on the BSE.

The trading, however, remained lacklustre in the absence of any institutional support. Foreign funds bought some volume, but mostly at the lower levels.

The Sensex of the Bombay Stock Exchange gained 39.47 points to end at 4786.54. The S&P CNX Nifty rose by 0.75 points to close at 1421.70.
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Infy, Sify at new highs
Mumbai: Infosys Technologies scaled a new high on the Nasdaq when its ADRs were quoted at $304, bettering its previous best of $301. Satyam Infoway too reached a new high of $174 against its previous best of $170. Market watchers said institutional buyers were active on the Infosys stock.
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Dewan Housing to launch MF
Mumbai: The Securities and Exchange Board of India has given an in-principle approval to Dewan Housing Finance Corporation to set up a mutual fund. The proposed mutual fund will have a 26 per cent equity participation by a foreign partner. It will have a start-up capital of Rs 10 crore.
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ICICI to set up web company
Mumbai: ICICI is setting up a new company, ICICI Web Trade, to provide stock trading services through the Internet,. The company will offer a trading platform for both the National Stock Exchange and the Bombay Stock Exchange. It will start operations sometime in the first quarter of 2000 and  will initially handle demat segments and offer services to clients who have accounts with ICICI Bank.
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NHB comes out with priority bonds
Mumbai: The National Housing Bank is coming out with a Rs 300-crore worth priority sector bond issue in the private placement market. The bonds will have an eight-year tenor at a coupon rate of 11.70 per cent payable annually. They will have an average maturity of six years and 11 months and will be partially redeemed in the ratio of 40 per cent, 30 per cent and 30 per cent at the end of sixth, seventh and eight year respectively.
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