Sensex rose to new life-time high of 22,853.03 in early trade, but ended the day flat due to profit booking, particularly in IT, metal and auto stocks. Supported by buying in capital goods and realty counters initially, the 30-share bellwether set a fresh life-time high in early trade amid firm Asian cues. However, it fell later due to profit booking and ended the day at 22,758.37, a loss of mere 6.46 points from its previous day close. Nifty closed 2.30 points lower at 6,815.35 after hitting a historic high of 6,838 intraday. Foreign institutional investors (FIIs) continued their buying spree. Provisional data from the stock exchanges suggest they invested a net R212.85 crore on Monday. ?Sentiments were positive in early trade in response to a statement from rating agency Crisil that a stable government after the election will help economy grow at an average of 6.5% for the next five years. However, upside remained capped in index on the back of profit-taking ahead of F&O expiry,” said Jayant Manglik, president, retail distribution, Religare Securities. Sesa Sterlite fell 4.01%, a day after it jumped over 4%. Wipro was the other big loser at 2.80%. SBI ended a little over 1% down, while the loss for Infosys, Maruti Suzuki, M&M, Tata Motors and ITC were less than 1%.
MF exposure to IT stocks falls to R24,315 cr in Mar
Mutual fund managers’ exposure to the software sector has dropped to R24,315 crore in March, after touching a record high in the preceding month, primarily on account of investors’ concerns over the impact of appreciating rupee on exporters. According to latest data available with Sebi, investments by the mutual fund industry in software stocks stood at R24,315 crore as of March 31, accounting for 11.92% of their total equity assets under management (AUM) of R2.04 lakh crore. In comparison, the fund managers’ exposure to software stocks was at an all-time high of R28,784 crore in February.
Sebi slaps Rs 3-lakh fine on Bengal Finance
Sebi slapped a penalty of R3 lakh on Bengal Finance and Investment for its alleged failure to make requisite disclosures regarding its stake in Kajaria Ceramics within the stipulated timeframe. According to Sebi findings, Bengal Finance was required to make disclosures about its acquisition of 5.61% stake in Kajaria Ceramics to the company within two working days of the transaction. However, the disclosures were made with a delay of 31 months and 13 days, the regulator added.
Franklin Templeton India to launch feeder fund
Franklin Templeton Investments (India) is launching an open-ended fund-of-funds scheme Franklin India Feeder-Franklin European Growth Fund (FIF-FEGF). The fund will invest into the Luxembourg-domiciled Franklin European Growth Fund, an overseas equity fund, which primarily invests in securities of issuers incorporated or having their principal business in European countries.
