Sensex Gains over 300 points

Just after the bell, the benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 318 points at 18,844.- The 30-share index, which had lost nearly 76 points yesterday, shot up by 331.42 points to 18,857.74 in the first five minutes of trade.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) was up 103 points at 5,623.

Gains in the Sensex Index were led by Larsen & Toubro Ltd, Reliance Industries Ltd and Icici Bank Ltd. Strong optimism among investors and firm Asian markets in current trades have helped the Indian market remain positive. The market may take a break from consecutive six-session losses. It had already witnessed a smart pullback towards Thursday's close, which is likely to help the sentiment turn positive.

However, foreign institutional investors (FIIs) remained net sellers of equities in the domestic market. On Thursday, US markets were closed due to the Thanksgiving holiday.

Sensex sheds 87 points

Mumbai, Nov 16 Sustained selling of stocks on the benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) led to a nearly 0.44 percent drop Friday.

Sensex shut shop at 19,698.36 points, down by 86.53 points.

The broader S&P CNX Nifty of the National Stock Exchange ended at 5,906.85 points, marginally down by 5.25 points or 0.09 percent.

After Thursday's loss of 144 points, the Sensex resumed 182 points lower at 19,603 but recovered by midmorning.

The major contributors to this recovery were public-sector oil refineries and oil marketing companies, which flared up on expectations of better gross refinery margins.

However, selling in select frontline stocks saw the Sensex zigzag between positive and negative territories for the better part of the day.

Indian markets continued to show their resilience and outperformed their Asian peers, which closed with deep cuts. Hang Seng ended down over four percent, followed by Nikkie down by two percent.

Among the sectoral indices, the BSE FMCG index flared up by 4.31 percent, the BSE capital goods index surged 2.61 percent, the BSE oil & gas index added 1.33 percent and the BSE auto index gained 0.66 percent.

Other sectoral indices were down around 0.5-1 percent each.

The BSE mid-cap and small-cap indices continued to outperform the market. The BSE mid-cap was plotting at 8,512.38 points, gaining 98.29 points or 1.17 percent. The small-cap index closed at 10,380.73, gaining 153.07 points or 1.50 percent.

The top gainers on the Sensex were ITC Ltd, which advanced 8.17 percent to Rs.205.15, Grasim moved up 5.87 percent plotting at Rs.3,831.45 and Dr. Reddy's scaled up 3.39 percent to Rs.620.35.

The top losers on the Sensex were Hindalco down 5.52 percent to Rs.203.80, Larsen & Toubro slid down 2.88 percent to Rs.4,375.85 and Ranbaxy was down 2.82 percent to Rs.411.70.

SBI MF plans a second equity-linked savings scheme

SBI Mutual Fund will launch a second equity-linked savings scheme called SBI Tax Advantage Fund Series-1. The asset management company had filed a draft prospectus with the Securities and Exchange Board of India last month.

“The assets under management (AUM) of our Magnum Taxgain scheme have grown quite big, so we decided to come out with a second ELSS,” said Syed Shahabuddin, the managing director and CEO of SBI Mutual Fund.

The AUM under the dividend option of Magnum Taxgain is Rs 3,022.75 crore and under the growth option it is Rs 145.79 crore.

Magnum Taxgain’s total AUM is the largest among all schemes of SBI Mutual Fund.

The scheme’s AUM was Rs 969.40 crore at the end of October last year. It has grown rapidly since then.

SBI Mutual Fund’s total AUM stood at Rs 26,593.57 crore as on October 30 this year against Rs 23,738.68 crore on September 30. >>Read More

Source - The Telegraph