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  MF  BIRLA SUN LIFE EQUITY FUND-G     428.9    (2.23)       BNP PARIBAS MIDCAP FUND-G     20.202    (0.168)       DAIWA INDUSTRY LEADERS-G     12.78    (0.11)       FRANKLIN INDIA FLEXI CAP FUND-G     53.6666    (0.6132)       FRANKLIN INDIA HIGH GROWTH COMPANIES FUND-G     24.474    (0.1661)       IDFC PREMIER EQUITY FUND - REGULAR PLAN-G     60.1643    (0.4052)       IDFC STERLING EQUITY FUND - REGULAR PLAN-G     31.067    (0.2977)       MORGAN STANLEY A.C.E. FUND - REGULAR PLAN-G     20.697    (-0.161)       RELIANCE GROWTH FUND-G     683.9933    (4.4837)       RELIANCE REGULAR SAVINGS FUND - EQUITY OPTION-G     45.3569    (0.2114)       SBI CONTRA FUND-G     78.441    (0.4338)       SUNDARAM SELECT MIDCAP FUND - REGULAR PLAN-G     274.2769    (2.8745)      

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Date:  02/09/2014
Sensex ends past 27,000-mark for first time; Nifty closes at 8,083
As the Modi government completed 100 days today, the Indian markets were on a roll with benchmark indices hitting fresh record highs on the Street. In a first, the BSE Sensex crossed the 27,000-mark, rallying over 215 points; while the 50-share index Nifty breached 8,100 levels. The Sensex has jumped 1,100 points in just 12 trading sessions. The rally in the index today was led by gains in Cipla, Bharti Airtel, Sun Pharma and HDFC Bank. The S&P BSE Sensex closed at 27,019.39, up 151.84 points or 0.57 per cent. It touched all-time high of 27,082.85 and a low of 26,886.22 in trade. (ET)
Date:  01/09/2014
We can’t be seen as a paper tiger: RBI’s Raghuram Rajan
The Reserve Bank of India (RBI) wants to reach its target of limiting retail inflation to 6% by 2016, but that doesn’t necessarily mean monetary policy has to be tight all the way, governor Raghuram Rajan says. “We are trying to forecast hitting by 2016 January. If we think that we will reach either earlier and it will stay that way, or we will go below it, then there’s always a scope (of a rate cut). But remember, it could also go the other way,” Rajan warns in an exclusive interview, in which he also speaks on corporate governance issues in state-owned banks, rising bad assets and the central bank’s relationship with the government. Edited excerpts:(Mint)
Date:  01/09/2014
Sebi mulls reserving 25% of IPO for domestic mutual funds, insurers
The Securities and Exchange Board of India (Sebi) plans to make it mandatory for issuers to reserve 25% of an initial public offering (IPO) for domestic mutual funds and insurers. But if they don't subscribe to their portion fully, the IPO could be considered a failure, said investment bankers briefed on the matter. The regulator thinks that a higher participation of 25% of the issue size or half of that slotted for qualified institutional bidders would enable a fairer valuation. Besides, it will benefit both issuers and investors as these local institutional investors play the conservative card when it comes to pricing, aligning more with retail investors. (ET)
Date:  01/09/2014
Mutual Funds buy Rs 6,000-crore shares in August
Improved market sentiment helped Mutual Funds to pick up shares worth close to Rs 6,000 crore in August, making it the highest monthly inflow in more than six-and-a-half years. This also marks the fourth consecutive month of inflows into equities. Besides, MFs pumped in a staggering Rs 66,000 crore in the debt market during the period. The inflow in equities during the month followed net investment of Rs 5,000 crore in July, Rs 3,340 crore in June and Rs 105 crore in May.(ET)
Date:  01/09/2014
Markets close at record high; Nifty ends above 8,000 levels for first time
Stocks markets continued their winning streak for the seventh straight session with Nifty today breaching the 8,000-mark for the first time and the Sensex closing at new life-time high of 26,867.55 boosted by positive economic growth data for the April-June quarter. The NSE Nifty barometer today surged passed the 8,000 mark for the first time and soared to hit an all-time intra-day high of 8,035 and settled 73.35 points, or 0.92 per cent, higher at record close of 8,027.70, surpassing its earlier record high 7,954.35. It also surpassed its previous intra-day record of 7,968.25 hit on August 25. It took 78 trading sessions from May 12 to September 1 to reach the 8,000-mark from 7,000 points. (ET)
Date:  30/08/2014
Nifty sees bullish rollovers to September
Historically, September has been a weak month for equity markets. But, Dalal Street participants seem to be thinking otherwise this year. As the September contracts take the centre stage on expiry of the August contracts on Thursday, traders are sitting on bullish bets on Nifty futures. Stock futures of technology, pharma, oil & gas and automobile sectors have also seen a rollover of long positions to the September series from August. Rollover in Nifty to the September series was at 73%, which is much higher than the average rollovers of 66% of the past three months. Market-wide rollover stands at 79% compared to average rollovers of 76% of the past three months. The September series will start with market-wide open interest (OI) or outstanding positions of Rs 66,400 crore against Rs 64,100 crore seen at the start of August series. Brokers and analysts said expectations of stronger economic growth numbers and the onset of the festive season have prompted traders to create long position
Date:  30/08/2014
GDP grows 5.7% in June quarter, most in 2 years
For the quarter ended June this year, India’s economy grew at a nine-quarter high of 5.7 per cent, compared with 4.6 per cent in the previous quarter, driven largely by industry, even as the biggest segment of the services sector — trade, hotels, transport and communications — remained subdued, official data showed on Friday. For the June quarter of 2013-14, gross domestic product (GDP) had increased 4.7 per cent. During the June 2014-15 quarter, the agriculture segment expanded 3.8 per cent, against 6.3 per cent in the previous quarter and four per cent in the corresponding period of 2013-14. What primarily drove the economy in the June quarter was industry, which expanded 4.2 per cent, against contractions of 0.19 per cent in the previous quarter and 0.4 per cent in the corresponding period last year.(BS)
Date:  30/08/2014
Funds may raise exposure in commercial paper
With issuances of Certificates of Deposit (CDs) likely to come down, mutual fund houses might increase their investments in other short-term instruments. The Reserve Bank of India (RBI) had revised the framework for liquidity management last week. The central bank said last week it would conduct more frequent term repos and overnight variable rate repo auctions. So far, RBI has been doing term repos and overnight fixed rate repo auctions. The aim is to help banks manage liquidity in a better way. The new framework shall begin from September 5."Banks' requirement for short-term CDs may not be much for meeting liquidity requirements as RBI is open to do overnight variable rate repo auctions. The intra-day liquidity requirements can be met through these repo auctions," said Saurabh Jagwani, senior manager, Andhra Bank.
Date:  30/08/2014
FII debt inflows outpace equity
Foreign portfolio investors are the sultans of Indian equities, given that they own 22 per cent of the BSE 500, second only to Indian promoters who control 28 per cent of the universe. A quarter of India’s largest companies are owned by foreign institutional investors (FIIs) and the value of their equity ownership stands at a staggering $315 billion. Economic growth has halved during the past five years - calendar year 2014 is no different - but there is an interesting shift this year. Foreign portfolio investors have pumped in $13.4 billion into debt and $12.2 billion into equities. For the first time, FII flows into debt have surpassed that into equity. Strategists believe this signifies the deepening of India’s financial markets. Equities have always been the preferred investment for FIIs against debt. Since 2010, FIIs have pumped in $39 billion into debt against a staggering $86 billion into equities. (BS)
Date:  28/08/2014
Savings schemes revived to boost infrastructure growth
Prime Minister Narendra Modi rolled out the ambitious financial inclusion scheme Jan Dhan Yojana from the ramparts of Red Fort on Independence Day with the objective of reaching out to all those that have remained beyond the folds of official financial channels. While the idea is to take banking to unbanked areas, the new government has a bigger agenda to boost financial savings. A stark decline in household savings has been a big headache for policymakers but concrete steps that could pull them to financial sector from gold which had gained traction in the wake of high inflation had been lacking. Gross domestic savings had fallen to 30.1% of the GDP in 2012-13 from 33.7% in 2009-10. The decline in financial savings due to high inflation had caused current account deficit (CAD) to widen to a record 4.8% of GDP in 2012-13 as households rushed to buy gold to hedge against rapid price rise. Massive curbs on gold drastically reduced imports and helped narrow CAD to about 2% of GDP in13-14
Date:  28/08/2014
Few women manage Indian funds
Sixty years after India launched its first mutual fund and about 20 years after the launch of its first private mutual fund, women continue to be under-represented in the country’s fund management space. A Business Standard analysis of data from Value Research shows 19 women fund managers collectively manage only Rs 1.31 lakh crore of the total assets of Rs 10.06 lakh crore (about 13 per cent). These funds include passively managed ones such as exchange-traded funds, as well as those managed along with male fund managers. Countries such as the US, too, have seen debates on the participation of women in management. The scant representation in that country was pointed to by a National Council for Research on Women report, ‘Women in fund management: a road map for achieving critical mass, and why it matters’. “Women represent a scant 10 per cent of traditional mutual fund managers and a lower percentage in alternative investments fields. (BS)
Date:  28/08/2014
Is foreign investor interest in India likely to wane?
India has attracted the maximum amount of foreign institutional inflows among countries in the Asia Pacific region so far this year. But a number of factors suggest that foreign inflows may not be quite so robust in the near future. The purchase of local stocks by foreign institutional investors (FIIs) has fallen in the past month. Net inflows have totalled about $700 million so far in August compared with fund injections of close to $2 billion in each of the previous two months. India is no longer among the most loved countries for global emerging market investors, said this month’s Bank of America Merrill Lynch fund manager survey. Investors have moved from “overweight” on India in July to “underweight” in August, indicating that they think the market is overbought. China is the new favourite as its June quarter economic growth beat forecasts. The change in FII appetite for Indian stocks could be due to a couple of factors. (Mint)
Date:  28/08/2014
Life insurance cos await Irda nod on infra bonds
Life insurance companies are awaiting a nod from Insurance Regulatory Development Authority (Irda) to invest in infrastructure bonds issued by banks. Currently, infrastructure bonds have not been given ‘infra’ status by Irda. Aneesh Srivastava, chief investment officer at IDBI Fortis Life Insurance, said there has been an ongoing dialogue between the government and the insurance regulator and bank infra- structure bonds will be given infrastructure status soon.(FE)
Date:  27/08/2014
What will be the impact of a US Fed rate hike on Indian markets?
The biggest external risk the markets are facing, although you wouldn’t really know it by looking at their elevated level, is that of interest rate hikes by the US Federal Reserve. Reserve Bank of India governor Raghuram Rajan has waxed lyrical about this risk, as have the Bank for International Settlements and even the International Monetary Fund.Perhaps a look at previous episodes of interest rate raises in the US might be useful. A recent research note on Asia strategy by BNP Paribas does precisely that. It looks at earlier occasions when the yield on the US 10-year treasury note went up and checks how it affected Asian equities (see chart).Consider 1993-94, when higher US rates shook emerging markets and precipitated a crisis in Mexico, named the Tequila crisis. After the initial scare, note that the MSCI Asia ex-Japan Index didn’t do too shabbily, rising 22.5%, while the Indian market did even better. (Mint)
Date:  27/08/2014
Sensex, Nifty close at new highs on euro zone stimulus talk
The 30-share benchmark S&P BSE Sensex and the National Stock Exchange’s 50-share barometer CNX Nifty closed at fresh peaks on Wednesday as expectations of further monetary stimulus in the euro zone raised hopes of continued foreign inflows, lifting blue-chips such as ICICI Bank Ltd. The Sensex closed 0.44%, or 117.34 points, up at 26,560.15 points, while the Nifty ended 0.40%, or 31.30 points, up at a fresh high of 7,936.05 points. Among gainers, ICICI Bank rose 2.05% to Rs.1,540.95, Oil and Natural Gas Corp. Ltd (ONGC) added 2.31% to Rs.427.75 and Tata Motors Ltd advanced 1.70% to Rs.521.60. Among losers, Sesa Sterlite Ltd fell 1.67% to Rs.276.55, Bharat Heavy Electricals Ltd (Bhel) retreated 1.29% to Rs.229.20, NTPC Ltd declined 1.45% to Rs.138.95. The S&P BSE Auto index was the top sectoral gainer, up 0.81%.(Mint)
Date:  27/08/2014
Insurance firms face new consumer liability issue
Bankers had earlier said that insurance was not a core competence of their personnel and, hence, they were not in a position to take liability for policies being sold through their network. If the Reserve Bank's proposed charter of customer rights takes effect, banks will be liable for the policies they sell on behalf of insurance companies. Under the current bancassurance norms, banks are not responsible for the policies sold as a corporate agent. RBI's charter proposes that a customer have a right to hold the financial services provider accountable for the products offered, And, to have a clear and easy way to have any valid grievance redressed.(BS)
Date:  27/08/2014
Soon, you can trace unclaimed amount on insurers' websites
Insurance customers and nominees of deceased policyholders will be able to access details of their unclaimed amounts on the websites of insurance companies from early next year. Last week, the Insurance Regulatory and Development Authority (Irda) issued a revised circular on the procedure for allowing policyholders or their nominees to access details of unclaimed amounts on insurers' websites. It includes death benefits, maturity proceeds, premium due for refund and indemnityclaims that have been unclaimed for over six months. Earlier this year, the insurance regulator had expressed concern over the rising unclaimed amounts that had gone up to Rs 4,865 crore in 2012-13 from Rs 3,037 crore in 2011-12. As per the original plan, insurers were supposed to offer this facility from April this year. They have been granted additional time till January 31, 2015 to upload the information as at December 31, 2014. The details will be updated in April and October every year. (ET)
Date:  26/08/2014
Changes that need to be brought into the mutual fund industry
It is seminar season in the mutual fund industry. The angst that a good product cannot achieve wide spread acceptance is a nagging problem discussed virtually every year, but simply won't go away. There is perhaps a serious gap between what the common investor wants and what the industry is able to offer. There are two simple questions that investors ask: is the return better than bank deposits? And, will the capital be safe? The conceptually correct answers are: a mutual fund tries to do better than the benchmark and, therefore, should not be compared to a bank deposit; an MF is subject to market risks and there is no guarantee on the invested capital. There is decent long-term performance to showcase, but a large swathe of investors remains unimpressed. (ET)
Date:  26/08/2014
Equity MFs bounce back after elections
The investors' base of equity mutual funds (MFs) are on the rise as stock indices scale new highs. On an average 1,500 new equity accounts are being opened on a daily basis since the Narendra Modi-led government took charge in office this May. This is a big relief for the MF sector. It had seen an exodus of investors from its equity category over recent years, losing upwards of 11 million equity folios in since March 2010. There were periods when account closures had reached 700,000 on a monthly basis.That tide seems to be turning. In the first two months of the Modi takeover, June and July, the MF sector added 93,415 folios in its equity category. This is a remarkable improvement.(BS)
Date:  26/08/2014
Debt funds can also help achieve goals
Some debt fund investors and their financial advisors have been devising ingenious methods to beat the higher capital gains tax proposed in the Budget. Arbitrage funds, rolling over investments in fixed maturity plans (FMPs), balanced funds... every week, a new avenue to tackle the new tax regime was floated and debated. The finance minister hiked the longterm capital gains on non-equity funds to 20% from 10%. He also increased the holding period of investments to three years from one year. However, many advisors feel that investors must now focus on planning their debt investments just like they plan their equity investments. "I think it is time we stop trying to devise ways to overcome the higher taxes, and start focusing on planning debt investments. The trouble is that most individuals don't plan their debt investments. Parking surplus funds in liquid funds or FMPs was a debt mutual fund investment for many individuals, or chasing the interest rates to earn better returns. (ET)
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