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The BSE Sensex erased early gains on Monday and fell for the third consecutive session — down 30 points at 19,751.19 — to a three-week low on profitbooking, amid some weak quarterly earnings and lower openings in the European markets. PSUs, healthcare, power, oil & gas and metal stocks faced selling pressure. Offloading in stocks of heavyweights, such as SBI, RIL, ITC, ONGC, Cipla, BHEL and Dr Reddy's Lab, weighed on the market, while rise in HDFC, Tata Motors, ICICI Bank and HDFC Bank restricted the Sensex fall to some extent. The NSE 50-stock index, Nifty, also eased — down 11.65 points or 0.1% at 5,987.25.

IDBI MF gets regulatory approval for RGESS

IDBI Asset Management has received Sebi’s nod for the launch of IDBI Rajiv Gandhi Equity Savings Scheme — Series I (RGESS). Under RGESS, a ‘new retail investor’ who has not transacted in equity shares through his depository account as on November 23, 2012, and has a gross annual income not exceeding R10 lakh, would be eligible for tax savings under Section 80 CCG over and above the limit of R1 lakh currently available under Section 80C of the IT Act.

HDFC Mutual Fund sells 2.39% stake in TII

HDFC Mutual Fund has sold 2.39% stake in Tube Investments of India (TII) in the open market over the last few days. HDFC Mutual Fund, through five of its funds, held 7.56% stake in the auto components-cum-bicycle-cum-metal framing company. It now has sold around 44,63,306 shares from its

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