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FMC to prepare commodity exchanges for a new era in futures trading
Calendar 1998 could well be the year of commodities and not equities in India. In the light of the government's interest in boosting commodites futures trading. The Forward Markets Commission (FMC), the apex regulatory body for commodity exchanges, intends to help commodity exchanges improve their monitoring and regulatory mechanisms. The initiative will initially involve exchange dealing in at least six commodities.
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NSE up on speculative buying
Share prices rose further smartly on the National Stock Exchange (NSE) yesterday on increased speculative buying by bull operators. The NSE-50 index opened higher at 1061.65 and shot up to 1081.50. Later, it closed at 1079.00, showing a gain of 17.55 over the last close of 1061.45. The dollar NSE-50 (defty) also started firm at 939.35 and after moving in a range of 955.45 and 937.05, ended at 953.45, disclosing a gain of 14.30 from the previous close of 939.15.
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Five lakh shares traded in Rain Calcining
Rain Calcining, whose public issue devolved on the underwriters, has shot into limelight on the Mumbai Stock Exchange. A sudden spurt in activity in this counter saw over five lakh shares traded on December 23. Accompanied by an unusual jump in trading volumes the scrip saw a recent intra-day high of Rs 13.
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Paint majors find support from investors
The paint industry appears to be regaining its colour. With the outlook for the industry turning rosy, paint majors have turned bullish on the bourses. The bullish sentiment is buoyed by the demand for automotive paints and coating, which is expected to increase three-fold in the next couple of years.
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