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  MF  BIRLA SUN LIFE EQUITY FUND-G     435.01    (0.78)       BNP PARIBAS MIDCAP FUND-G     20.786    (0.169)       DAIWA INDUSTRY LEADERS-G     12.78    (0.11)       FRANKLIN INDIA FLEXI CAP FUND-G     54.6332    (0.0021)       FRANKLIN INDIA HIGH GROWTH COMPANIES FUND-G     25.2109    (0.1984)       IDFC PREMIER EQUITY FUND - REGULAR PLAN-G     62.4675    (0.4278)       IDFC STERLING EQUITY FUND - REGULAR PLAN-G     32.9311    (0.3208)       MORGAN STANLEY A.C.E. FUND - REGULAR PLAN-G     20.697    (-0.161)       RELIANCE GROWTH FUND-G     720.054    (4.4281)       RELIANCE REGULAR SAVINGS FUND - EQUITY OPTION-G     47.0313    (-0.2216)       SBI CONTRA FUND-G     79.1843    (-0.0836)       SUNDARAM SELECT MIDCAP FUND - REGULAR PLAN-G     287.3473    (2.3612)      

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Date:  20/09/2014
Kotak AMC buys PineBridge MF
Kotak Mahindra Asset Management Company, the country’s ninth biggest fund house in terms of assets, has acquired the local schemes of PineBridge Mutual Fund, for an undisclosed sum, subject to regulatory approvals. PineBridge MF had assets under management (AUM) of only Rs 660 crore. The deal marks a third exit of a foreign fund house in less than a year and underscores the challenging conditions for smaller entities. In the previous nine months, Morgan Stanley sold its domestic MF business to HDFC AMC and ING MF was acquired by Birla Sun Life AMC. The Kotak deal size couldn’t be ascertained but those in the sector said the transaction value would be lower than recent acquisitions, struck at four to six per cent of the total asset size of the fund house.(BS)
Date:  20/09/2014
Rupee slips, pound gains weight
Following Scotland voting to stay as part of the United Kingdom in a referendum on independence, the pound strengthened in international markets. As a result, the rupee weakened against it. In the recent past, the rupee had strengthened against the pound, on rising speculation that Scotland might no longer be part of the UK. “The split from the union was expected to be disruptive and the pound was looking vulnerable. Now, a downside has been averted. The global impact was not expected to be large, since the UK, though part of the European Union, is out of the currency area (it did not adopt the euro when most of continental Europe did),” said Harihar Krishnamoorthy, head, fixed income, currency & commodities, First Rand Bank. He said the effect on the rupee was through the trading dynamics of global currencies.(BS)
Date:  20/09/2014
Gold declines most in 14 mths, silver dips to 14-week low
Gold hit a 14-month low due to poor demand and shifting of investment from commodities to other investment avenues, including the dollar index and equity. Standard gold at Zaveri Bazaar here fell below the psychological barrier of Rs 27,000 per 10g and closed at Rs 26,870 per 10g on Friday. Similarly, silver fell by Rs 400 to settle on Friday at Rs 41,000 a kg. This level of gold was earlier seen on July 19, 2013, when it had closed at Rs 26795 per 10g. The present level of silver was earlier seen at Rs 40,850 a kg, 14 weeks earlier on June 6.(BS)
Date:  20/09/2014
Sensex caps its biggest weekly winning run in two years
Indian stocks advanced for a sixth week, the longest weekly run in more than two years, as shares related to e-commerce climbed following Alibaba Group Holding Ltd’s record initial public offering in the US. Info Edge (India) Ltd led a rally among domestic e-commerce-related companies after Alibaba raised $21.8 billion. Maruti Suzuki India Ltd increased to a record. Jet Airways (India) Ltd climbed the most in a week after a local unit of Moody’s Investors Service, upgraded its rating. Tata Consultancy Services Ltd (TCS) paced gains among technology shares. The S&P BSE Sensex fell less than 0.1% to 27,090.42 at the close on Friday. For the week, it added 0.1%. Alibaba and shareholders including Yahoo Inc. sold 320.1 million shares for $68 each, after offering them for $66 to $68, according to a statement. In India, Flipkart.com and Amazon.com Inc. (Mint)
Date:  19/09/2014
Non-life insurance space to have innovative products soon
Customers might soon see specific general insurance products suited to their profession, income-bracket, age and need, if the recommendations of the Working Group on File & Use guidelines for the non-life sector is accepted by the Insurance Regulatory and Development Authority (Irda). The working group has said general insurers can launch a product for a short period in a defined pilot area with defined exposure limits on a pilot basis after informing Irda. After gaining experience on the product, they might finalise the product and take it through approval process depending upon whether it is a retail product or commercial. Rakesh Jain, CEO of Reliance General Insurance, said from a use-and-file perspective, insurers will be enabled to offer customised products for different individuals rather than generic products.(BS)
Date:  19/09/2014
India ranks 6th in billionaire numbers
India has retained its sixth position in the number of billionaires residing in the country. It is home to 100 such people, with a collective net worth of $175 billion. Globally, the number of ‘uber-rich’ people has reached a record 2,325. According to the Wealth-X and UBS Billionaire Census 2014, released on Wednesday, though the number of billionaires in the country has decreased from 103 last year, India still enjoys a decent sixth position (the same as last year) in the top 10 league. Interestingly, India has a higher number of billionaires than Switzerland, Hong Kong and France, among others. With 28 billionaires, financial capital Mumbai is among the top 20 ‘billionaire cities’ globally — the top being New York, which is home to 103 billionaires.(BS)
Date:  19/09/2014
Markets gain the most since June on Fed comfort
Indian markets on Thursday posted their biggest single-day gains in more than three months, mainly buoyed by the US Federal Reserve’s decision of not increasing interest rates. Optimism over the country’s trade ties with China and short-covering by traders, who had earlier sold on fears of an unfavourable call by the US Fed, also aided the rally. The BSE Sensex rose 480.92 points (1.81 per cent) from its previous close to end at 27,112.2, while the NSE Nifty gained 139.25 points (or 1.75 per cent) to 8,114.8. The respective gains for both indices were the biggest since June 2. By absolute gains in terms of points, the rally was the biggest since May 12. “The market was worried about the outcome of the US Fed meet and its impact. Since that event risk is over, the market has rallied. Going ahead, there might be short-term corrections before other big event risks but the overall outlook for equities remains positive,” said Edelweiss Securities CEO Vikas Khemani.(BS)
Date:  19/09/2014
Sensex far below its peak in dollar terms
Adjusted for the dollar, the Sensex is at a lower level for foreign investors than in January 2008. Currently, the BSE Dollex 30, an index that looks at Sensex returns adjusted for changes in the dollar, is at 3,654.87, significantly lower than its peak of 4,365 on January 8, 2008. To touch its all-time high, the Sensex will have to rise another 710.13 points, or 19.42 per cent. Without factoring in the rupee-dollar exchange rate, the index has been touching new all-time highs repeatedly. On Thursday, it closed at 27,112.21, about 27.84 per cent more than its January 2008 high. The National Stock Exchange’s Defty Index (showing the Nifty adjusted for the dollar) is 17 per cent off its highs.(BS)
Date:  19/09/2014
Crisil launches first inflation-linked government securities index
Crisil Research, a unit of credit rating agency Crisil Ltd, on Thursday launched India’s first inflation indexed government securities index (the Crisil IIGS Index), which will track the performance of a portfolio of inflation-linked government securities. Crisil believes the index will provide market participants an appropriate and easily accessible benchmark to measure and analyse the performance of such securities, the agency said in a statement. That apart, this total return index seeks to capture returns on inflation-linked securities due to coupon accruals and price change, both adjusted for inflation. The launch comes as part of Crisil’s ongoing effort to develop and maintain representative indices for the debt market. In addition to this index, the agency currently maintains 37 indices across bond, gilts, money market, hybrid and commodity segments, which are used by asset managers for benchmarking their products and portfolios.(Mint)
Date:  18/09/2014
LIC to make a Ulip comeback amid surge in equities
The country's largest investment institution, Life Insurance Corporation (LIC), could exceed this year's projection of Rs 55,000 crore for buying stocks as it readies the ground to re-enter the market for unit-linked insurance products, or Ulips, with the upsurge in equities. Speaking to ET, LIC chairman SK Roy said, "We are very clear that we want to be in the Ulip market. But we are not sure what is the right time to enter." He said that the insurer is working on Ulip products which will be launched with some new features. Analysts said that the surge in stocks after the national polls in May this year has also prompted LIC to launch Ulip. The re-launch of Ulips by LIC comes a few years after investors shunned this product in the wake of huge losses reported by many insurers which offered the product after the stock markets plummeted. Insurance companies came under fire for what was perceived to be a misleading sales pitch during the past five years. (ET)
Date:  18/09/2014
Bank credit growth falls below 10% after 5 years
For the fortnight ended September 5, annual credit growth in the banking system fell to 9.68 per cent, data released by the Reserve Bank of India (RBI) showed. This was the first time since October 2009 (9.01 per cent) that growth in bank credit fell below 10 per cent. R K Dubey, chairman & managing director of Canara Bank, said corporate credit demand was yet to pick up, despite an improvement in the economy. "Though the retail and small & medium segments have been growing, corporate demand has been slow. We are yet to see signs of a pick-up," he said. Indian Bank's Association Chief Executive M Tanksale said the data reflected a slack season. He added none of the stalled projects had been revived so far.(BS)
Date:  18/09/2014
Markets recover on Chinese balm
After a two-day slump, Indian markets recovered on Wednesday, mirroring the rise in global markets on the back of the announcement of stimulus in China and hope that the US would delay raising rates. While the BSE Sensex gained 138 points, or 0.5 per cent, to close at 26,631, the National Stock Exchange Nifty ended 43 points higher at 7,975. However, the trading session was choppy, signalling nervousness on the part of investors ahead of the release of a policy statement after a meeting of the US Federal Reserve on Wednesday. "The market is likely to remain volatile for some more time. There is some short build-up in the system, as hedging activity is picking up ahead of the uncertainty," said Nikhil Golani, head (institutional equity), Tata Securities.(BS)
Date:  17/09/2014
After 4 months of buying, mutual funds turn sellers
After buying aggressively for four consecutive months, India’s equity fund managers have been net sellers so far this month. As key benchmark indices turn volatile ahead of a vital US Federal Reserve meeting, fund managers are taking some money off the table, while maintaining a bullish long-term view on India. According to Securities and Exchange Board of India (Sebi) data, in the first half of September, equity fund managers net-sold shares worth Rs 310 crore. That sum, however, is little compared to the Rs 15,000 crore of investment by mutual fund houses between May and August. “There is a little bit of profit-booking, as valuations of many stocks are far too stretched. It’s a tactical call and should not be seen as a strategic change, as there is long-term bullish view on India,” said Niranjan Risbood, director (fund research), Morningstar India.(BS)
Date:  17/09/2014
Markets blink before Fed trigger
Shares posted a sharp fall for a second day amid weak global markets, on concern about a sooner than expected interest rate rise in America. Reserve Bank of India governor Raghuram Rajan’s statement on Monday ruling out interest rate cuts also hurt investor sentiment. The BSE’s 30-share Sensitive Index shed 324 points or 1.2 per cent to end at 26,492.51. The National Stock Exchange's Nifty index closed below 8,000, declining 109 points or 1.4 per cent to 7,932. Both indices posted their biggest single-day decline since August 1. Market players said investors continued to book profits ahead of the US Federal Reserve's open market committee announcement on Wednesday. The Fed is expected to provide guidance on the timing for its first rate rise. The meeting will also see the Fed cutting its monthly bond buying programme.(BS)
Date:  17/09/2014
Hiccups in mid & small-cap rally
Shares of mid-cap and small-cap companies lost ground on Tuesday, slipping up to 20 per cent on profit-booking. Between September 1 and Monday, the mid- and small-cap indices have risen 10 per cent and eight per cent, respectively, compared to a rise of one per cent each in the benchmark Sensex and Nifty. While the BSE small-cap index slipped four per cent on Tuesday, the mid-cap index lost 3.4 per cent, compared with the 1.2 per cent decline in the Sensex. On the National Stock Exchange, the mid-cap and small-cap indices ended four per cent lower each. The fall in the overall markets comes ahead of a US Federal Reserve meeting in which analysts say Fed chair Janet Yellen might provide cues on a rate increase.(BS)
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