The Sensex on Tuesday closed 43 points higher on the back of good buying in Tata Power, RIL and SBI, amid a firming European trend. The Bombay stock Exchange sensitive index resumed lower at 19,277.58 and hovered in a narrow 110-point range, before ending at 19,348.12 — a gain of 42.80 or 0.22%. The broad-based NSE index Nifty edged up by 18.30 points, or 0.31% to 5,889.25. “RIL gained 2.49% on back of media reports that the oil ministry is expected to approve the company’s investment plans for the KG-D6 block,” said Milan Bavishi, head research, Inventure Growth & Securities. Brokers said investors bought banking and financial shares like SBI, ICICI Bank and HDFC on hopes of rate cut by RBI soon. Tata Power was the best Sensex performer with a gain of 4% on heavy fund-buying, they added. In the 30-share Sensex, 11 stocks gained while 19, including TCS, M&M and ITC, ended in negative zone.
IDBI MF launches open-ended gilt fund
IDBI Mutual Fund on Tuesday announced the launch of IDBI Gilt Fund, an open-ended dedicated gilt scheme. The NFO will open for subscription on December 5 and close on December 17. The units will be available on a par (R10) during the NFO and at NAV-related prices thereafter. The scheme will re-open for continuous sale and repurchase from December 27. The investment objective of the scheme is to provide regular income along with opportunities for capital appreciation through investments in a
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