The expected charm the markets are going to get as a result of an positive expectation quarterly results is going as a mixed trend. The BSE Sensex was at 14041 down by 168 points while the NSE Nifty is at 4066, down by 37 points.
Almost all big names and favorites of the stock market ended in the red. Stocks in the cement and banking sectors took the most of heavy beat. ACC was down about 7%, Gujarat Ambuja touched -6.81%, Grasim was down by 2.93%.
Banking major SBI which announced its quarterly results today is considered below street expectations and saw heavy selling today. The stock ended -4.53%.
The gainers pack had Bharti Airtel (which also announced a positive quarter) by 1.81% and Hindalco at 0.18%. Zee Entertainment, Nalco, OBC and Tata Power are other leading names which ended in the green.
The USD/INR is at 44.24.
January 23rd, 2007
Market watchers are happy with the results announcements from Bharti and Dr. Reddy (announced yesterday). However, SBI was seen as disappointment by many.
The markets continued to be weak. NIFTY is currently at 4065.30 slipping by -0.91%. Bank Nifty is trading -2.74%
January 23rd, 2007
Markets continue to be volatile and in choppy water. NIFTY is current at 4085.35. Top gainers so far include PSTL, Arihant, NIIT Ltd, KPIT while the loosers list has KKCL, CEAT, UltraCemCo and Voltas. Banking stocks continue to be hardly hit. Oriental Bank of Commerce and Bank of Baroda are in green while UTI Bank, Bank of India, PNB, Canara Bank and ICICI Bank are in red.
January 23rd, 2007
Sundaram BNP Paribas has filed a draft offer document for this new Fund of Funds MF. As per the information from the draft document available for public view on SEBI’s website, the Sundaram BNP Paribas Global Advantage will be an open end Fund of Fund scheme that may primarily invest in units of mutual funds and exchange traded funds in overseas markets, fixed – income and money market securities in domestic as well as in overseas markets.
The Investment Objective of this fund is as follows:
To achieve capital appreciation by investing in units of overseas mutual funds and exchange traded funds, money market instruments in domestic as well as in the overseas markets. Income generation may only be a secondary objective.
The Investment Style of the fund is as follows:
The fund may pursue a diversified style. The style may be diversified in terms of country choice, fund selection, sector selection, stock selection, and buy/sell decisions. If market conditions warrant, the fund manager will, however, have the flexibility to adopt a conservative approach.
Under normal circumstances, the fund will put a minimum of 65% and a maximum of 100% into Unit of mutual funds and
exchange-traded funds listed on overseas stock exchanges. Similarly a minimum of 0% and a maximum of 35% would be put into Money-market instruments in domestic as well as overseas markets.
Investors need to put in a minimum of Rs. 5000 and a minimum additional purchase of Rs. 500 during the NFO period of the offer. The scheme comes in Growth, Dividend – Payout and Dividend - Reinvestment options.
Entry Load
During the New Fund Offer period, the entry load will be 2.75 per cent. When the scheme opens for investment on an ongoing basis, the entry load will be 2.75 per cent. The entry load shall be applicable irrespective of amount of investment. Investment through the SIP route will also attract the entry load. The Trustees reserve the right to alter the load structure at any time of their choice.
Exit Load
There will be a two-tier exit load structure:
1. If a redemption request is received within six months from the date of allotment, an exit load of 1.50 per cent will be charged
2. For any redemption between six months and twelve months from the date of allotment, there will be an exit load of 1 per cent.
3. For redemptions after 12 months from the date of allotment, the exit load is nil
January 23rd, 2007