Investor caution drags Sensex down 14 points
The BSE benchmark Sensex on Monday closed about 14 points lower as gains in realty, pharma and banking shares were overshadowed by losses in consumer durables, IT, and oil&gas counters, with investors adopting caution ahead of a slew of economic data later this week. The BSE 30-share barometer was choppy for most of the session, trading in a narrow range of over 115 points. It finally concluded at 19,409.69 — a loss of 14.41 points or 0.07%. However, the NSE 50-issue S&P CNX Nifty inched up by 1.50 points to end at 5,908.90. Overall, 16 scrips in the Sensex ended with losses. Major losers were TCS, NTPC, Bharti Airtel, Maruti Suzuki, M&M and Reliance Industries. Gainers included Dr Reddy, Cipla, Tata Steel, Sun Pharma, Bajaj Auto and Sterlite Industries. Among the sectoral indices, the BSE-CD fell 1.52%, followed by BSE-teck (0.90%), BSE-IT (0.89%) and BSE-Oil&Gas (0.72%), while BSE-Realty rose 1.10% and BSE-Healthcare jumped 0.89%.
Arvind Sethi appointed MD & CEO of Tata MF
Arvind Sethi, currently an independent director on the board of Tata Asset Management (Tata Mutual Fund), has been appointed its managing director and CEO with effect from December 10. Sethi was head of treasury of HSBC and ANZ Grindlays in the 1990s. He has also served as the managing director, global markets, Bank of America, from 1998 to 2001. He was instrumental in the founding of FIMMDA and was its chairman in 1999 and 2000. He was also on the RBI's Technical Advisory Committee on Foreign Exchange and Bond Markets.
Goldman Sachs lowers Cairn India to ‘neutral’
Goldman Sachs on Monday downgraded Cairn India to ‘neutral’ from ‘buy’, citing expectations of flat-to-declining earnings growth, based on its medium-term outlook of gradual moderation in oil prices. The investment bank also removed the stock from its Asia-Pacific buy list.
Religare MF unveils open-ended debt plan
Religare MF on Monday announced the launch of Religare Bank Debt Fund, an open-ended debt scheme. The fund seeks to generate optimal returns by investing in a portfolio of debt and money market instruments issued primarily by banks. The NFO opened for subscription on Monday and closes on December 24. The scheme will invest 80-100% of assets in debt and money market instruments issued by banks, while up to 20% of the assets will be invested in securities issued by Public Financial Institutions, T-bills, CBLO, G-sec, units of debt and liquid mutual fund schemes.
L&T MD offloads 2,000 co shares for R33.48 lakh
Larsen and Toubro’s managing director & CEO K Venkataramanan has sold 2,000 shares of the infrastructure major for about R33.48 lakh. The company, in a BSE filing, said Venkataramanan sold 2,000 shares of the company on November 30 for about R33.48 lakh, thereby reducing his stake by a notch to 0.094% or 5,80,419 shares of R2 each. Before the share sale, he held 5,82,419 shares in L&T or a 0.095% stake.