After rising 162 points in early trade, the Sensex on Wednesday surrendered most of the gains on profit selling in Bajaj Auto, SBI, Sterlite and Tata Steel shares but still managed to close 47 points up at a one-week high of 19,608.08. The index initially touched a high of 19,723.01, up by over 161.97 points. However, it pared gains after weakness crept in banks, real estate and metal stocks to finally settle at 19,608.08, a rise of 47.04 points or 0.24%. On the gainers side, Tata Motors closed 2.11% higher on the back of strong volume numbers from JLR. HDFC, M&M, TCS and Infosys gained in the 1.2-1.8% range.
Sterling Holiday Resorts let off with a warning
Market regulator Sebi has disposed of the case against Sterling Holiday Resorts on delay in dematerialising certain shares pledged with Gujarat Industrial Investment Corporation (GIIC) as the matter was settled amicably. ...though the noticee (Sterling Holiday) delayed the dematerialisation of shares, however, considering the amicable settlement between GIIC and the noticee and specific request by GIIC to Sebi...I am inclined to dispose of the matter without imposing penalty on the noticee, Sebi adjudicating officer Sandeep Deore said.
AUM in tax-saving MFs swell to nearly 2-yr high
Assets under management of equity-linked savings schemes (ELSS), which offer tax benefits to investors, have zoomed to their highest level since April 2011 at over R25,000 crore. As per the latest data available with mutual fund industry body Amfi, the total AUM of ELSS, or tax-saving funds, stood at R25,069 crore at the end of January. This is the first time since April 2011 that assets in ELSS category has crossed the R25,000-crore mark. From a meagre R1,410 crore at the end of January 2003, the AUM of ELSS has soared by nearly 18 times in 10 years.