The bull 'roars' again
Mumbai: You cannot keep the bull down for too long! This is what the stock markets seem to be saying, as Monday saw an unprecedented bull run that took the newly reconstituted BSE sensex up by 224 points to close the trading day at 5,442 points. This, after a sustained drop in the market post the budget, the tax scare on foreign institutional investors and the meltdown at Nasdaq, gave a very reassuring feeling to scores of retail investors who had seen their market values wiped out in the past few weeks.

Firm international markets, resurgence of faith in the new economy stocks, hopes of a strong corporate performance in the fourth quarter and renewed buying frenzy by the FIIs also saw the NSE Nifty close at 1,613 - up 50 points from its previous close.

Strong gainers in yesterday's trading were the newly included sensex stocks like Satyam Computers, Dr. Reddy's Laboratories, Zee Telefilms and Reliance Petroleum.
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UTI offshore funds mops up $60m
Mumbai: The newly launched India Media, Internet and Communications Fund by UTI, which was placed by SG Securities, part of the Societe Generale group, has got commitments to the tune of $60m.

The fund consists of two tranches of $30m each. According to sources at the UTI, once 85 per cent of the first tranche has been invested, the second tranche will be called for. Two-thirds of the fund is to be invested in unlisted stocks and the balance in listed media and telecom stocks. UTI has already put in place a team of five persons to track and evaluate unlisted stocks.  

The fund, which is to be listed on the Dublin stock exchange, will be closed ended until June 2001, after which the shareholders will decide whether to convert the fund into an open-ended one.
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