Erasing most of its 130-point early gain, the Sensex on Tuesday ended flat after four straight days of losses as auto, realty and power stocks came under selling pressure amid a weakening trend in the rupee. After opening 74 points higher on strong Asian cues, the BSE benchmark index rose to the day's high of 17,236.08 soon after, but lost momentum from thereon. The Sensex finally closed 1.99 points up at 17,105.30, supported by gains in FMCG and Healthcare shares. In the 30-share index, 17 stocks, including Bajaj Auto, TCS, Bhel and ONGC, ended lower while 13 scrips, including Wipro, Dr. Reddy's, ITC and Bharti Airtel, gained. The Sensex had lost 515 points or nearly 3% in the last four days as investors remained cautious about the economic prospects. After a good opening, shares succumbed to selling. Results season is characterised by stock-specific action, said Inventure Growth & Securities Head Research Milan Bavishi. Brokers said a better trend in Asia and European stock markets steadied the sentiment, helping the Indian market cushion against deep losses.
Jaideep Bhattacharya is Baroda Pioneer md
Jaideep Bhattacharya has been appointed as the managing director of Baroda Pioneer Asset Management Company (BPAMC). Bhattacharya, formerly group president and chief marketing officer at UTI Mutual Fund, will lead the development of BPAMC and drive its ambitious growth strategy. Jaideep was part of the core management team at UTI, driving the overall sales and marketing strategy for the company. He joined UTI MF in 2006 and was a key member responsible for its growth over the last six years. Prior to UTI, he worked with ICICI Bank as country head, products, channels & marketing of the SME group. Bhattacharya also had stints with Standard Chartered Bank and ANZ Grindlays Bank. He was named the Marketing Personality of the Year, Asia, for 2009 by Asia Asset Management. He has been a member of the AMFI Board and Sebi Mutual Fund Advisory Committee.
Principal MF ropes in L&Ts Bekxy Kuriakose
Asset management firm Principal Mutual Fund on Tuesday appointed L&T Mutual Funds Bekxy Kuriakose as head of its fixed income business. Kuriakose was heading the fixed income division at L&T Mutual Fund. She was also associated with DBS Chola Asset Management, Reliance Life Insurance, SBI Funds Management. With Bekxy joining, our fixed income team is now further strengthened. Her wide-ranging expertise and experience in fund management will help us consistently deliver results to our clients, said Principal MF chief investment officer Rajat Jain.