Sensex up 21 points ahead of inflation data, Fed meet
Rising for the seventh straight day on Thursday, Sensex edged up 21 points to close at 18,021.16, a seven-month high, amid investors awaiting the outcome of US Fed meet and monthly inflation data. After closing above 18,000 mark yesterday, the BSE benchmark index opened marginally higher but trading remained range-bound between 17,976.28 and 18,062.68. The Sensex finally closed at 18,021.16, up 21.13 points compared with Wednesday’s closing. The index has added 707.82 points or 4.08% in the seven-day rally. Hero MotoCorp gained 1.87% and led the 19 gainers in the 30-share Sensex. Bhel, HUL, Bajaj Auto and ICICI Bank were among the other gainers.
RCam ties up with IOB to tap tier II, III cities
Reliance Capital Asset Management (RCAM), part of Reliance Capital Limited, on Thursday announced a distribution tie-up with Indian Overseas Bank (IOB). The move was announced by Sundeep Sikka, CEO, RCAM and M Narendra, the chairman and managing director of Indian Overseas Bank. As per the agreement, IOB will be selling Reliance mutual fund schemes through its 2,689 branches spread across the country. “We are delighted to join hands with Indian Overseas Bank as a distribution partner and are confident that this agreement would help us expand our customer base, especially in tier II and III cities, leveraging on the wide network of IOB branches across the country,” Sikka said. “Our effort is to provide one-stop banking and investment solutions to our customers," said M Narendra, IOB's CMD. RCAM will provide soft skills and product training support to the bank to help them effectively facilitate sales across all IOB branches in the country, besides facilitating marketing and promotional materials of all the MF schemes.