Markets turn bullish once again
Mumbai: The passage of the insurance bill buoyed the stock markets with foreign funds coming out in full throttle in a buying exercise. Bull operators added to the frenzy in the markets with the benchmark Sensex of the Bombay Stock Exchange crossing the 4,700-mark in intra-day trades. The Sensex closed at 4691.67, with a gain of 77 points. The S&P CNX Nifty of the National Stock Exchange gained 20.10 points to close at 1408. 85. Volumes for the day on the two bourses totalled Rs 7,018 crore.

Market watchers said the foreign institutional investors purchased stocks worth Rs 200 crore on 2 December.

Fast moving consumer goods stocks were the points of attention. Shares of Hindustan Lever, Indian Shaving Products and Colgate recorded significant gains. Bank and finance companies’ stocks also were in the limelight.
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Alliance plans 3 more funds
Mumbai: Alliance Capital Mutual Fund is launching three India-dedicated sector-specific funds. The fund’s chief investment officer Samir Arora said the funds will be Alliance New Millennium Fund, investing in technology-related stocks, Alliance Buy India Fund investing in consumer goods and healthcare firms’ stocks and Alliance Basic Industries Fund, investing in basic industries like steel and cement. With these three more funds, Alliance will have a total of 10 schemes. It has nearly Rs 1,700 crore worth of assets under its open-ended schemes now.
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MF units can be issued to FIIs
Mumbai: The Reserve Bank of India has allowed mutual funds to issue units to foreign institutional investors without its permission. The units can also be transferred to global custodians. However, the amount representing investment should be received by inward remittance through normal banking channels or by debit to the NRE/FCNR accounts of the non-resident investor or special non-resident rupee account of the foreign institutional investors.
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