Sensex climbs to record high
Mumbai: The 30-share Sensex of the Bombay Stock Exchange set a record in intra-day trading when it scaled to 4678.28 points, past the previous 12 September 1994 record of 4643.31. The peak came just five minutes after the trading began, with market sentiments prevailing at the 13 July high, when the Sensex shot up by 223 points. At the close of the day, it consolidated at 4615.20, up 29 points over the previous day's close.

The aggregate market capitalisation of the Bombay Stock Exchange also hit a high of Rs 6,45,208 crore.

The S&P CNX Nifty too touched an intra-day high of 1338.15 before ending the day at 1321.45, up 5.7 points over the previous close. Both the intra-day high and the closing figure are all-time records for the Nifty.

The BSE clocked a turnover of Rs 2,603.84 crore and NSE Rs 2,907.45 crore.

In all 94 scrips hit the circuit filter on the BSE and significantly, only buyers were at the counters. As many as 42 scrips in the specified group touched new 52-week highs. The rally was led by Reliance.
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UTI plans separate team for US-64
Mumbai: The Unit Trust of India is planning to induct a separate team to manage the debt portfolio of US-64. This follows the UTI's decision to reduce the equity exposure in US-64 from 66 per cent to 50 per cent over the next few years.

P.S. Subramanyam, chairman of UTI, has said full and undivided attention will be given to the debt portfolio of US-64.
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ROWs may be the in thing
New Delhi: GDRs and ADRs, move over. It is ROWs, or 'redeemable occupancy warrants' that are going to be the market craze in dollar-denominated trading instruments. The finance ministry is understood to have finalised draft guidelines for these instruments, and has circulated them among related departments, notably the department of tourism and the Foreign Investment Promotion Board.

A ROW is like a warrant issued by a domestic company for raising funds for a time-share project. The difference is that it is in dollar denomination. The instrument will mainly help the hotel industry to raise foreign capital.  
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