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Sensex down 26 points
Mumbai: The BSE Sensex closed slightly lower while the NSE Nifty closed flat.

The 30-share Sensex, benchmark index of the Stock Exchange Mumbai, (BSE) corrected on Thursday as investors booked profits

The Sensex closed the day at 7119.76, down 25.58 points or 0.36 per cent. The broader 50-share index of S&P CNX Nifty came down by 3.50 points to close the day at 2183.85.

The Sensex opened the day on a slightly lower than the previous close and touched an intra-day high and low of 7156.55 and 7090.48 respectively.

According to brokers IT stocks like Infosys were mainly responsible in bringing about the correction.

The recovery of the markets from lower levels was due to the gain in banking stocks, mainly SBI.

The market breadth was positive with advances at 1290 outnumbering declines at 1174.

As against this on Monday, June 20, 2005, when the Sensex touched the 7,000-mark for the fist time there were only 615 gainers compared to 1,831 declines. On June 21, the number of gainers increased to 1,109, but was less than the losers at 1,318.

The BSE Auto index outperformed the markets by registering a gain of 1.22 per cent. The index gained 35.19 points to close at 2,911.49. Hero Honda Motors was up 4.82 per cent at 580.80 while Bajaj Auto up 3.23 per cent at Rs1,311.60, Tata Motors was up 0.06 per cent at Rs425.70 and TVS Motor, up 4.85 per cent at Rs76.75 all closed in the positive. Hero Honda Motors was the highest gainer among the Sensex pack.

The BSE Metal, BSE Healthcare, BSE FMCG, BSE Bankex, BSE PSU, BSE Smallcap, BSE Midcap and BSE 500 indices were among the other gainers.

However, apart from the benchmark Sensex, the BSE 100, BSE 200, BSE IT and BSE Oil & Gas indices all closed in the red. Oil stocks have been on a downswing for the past few days due to a surge in the global crude prices that nearly touched $60 per barrel a couple of days back. Oil marketing majors BPCL and IOC both witnessed selling pressures on Thursday.

Technology heavyweights like Infosys Technologies, TCS, Wipro and Satyam Computers, which gained during the Sensex rally, lost ground on Thursday.

A total of Rs2781.34 crore worth shares were traded in BSE and Rs5163.74 crore in NSE. FIIs were net buyers on Wednesday at Rs1467.60 crore.
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JM Mutual to shift focus to equity portfolio
Hyderabad: JM Financial Asset Management is shifting its focus towards equity portfolio from the debt segment.

Of the Rs4,200-crore assets under management at present, nearly Rs4,000 crore were in the debt segment and around Rs200 crore in equity.

According to the JM Financial Fund Manager, Sandeep Neema, it might take two-three years for the company to increase its equity portfolio to the level of 50 per cent of total assets under management.

The company's equity research team is currently in the process of finalising two more equity funds to be launched during the current fiscal, he said.
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Anand Rathi launches Real Estate Opportunities Fund
Mumbai: Financial services firm Anand Rathi group is entering into real estate private equity with the launch of the Real Estate Opportunities Fund and the Anand Rathi Realty Fund. This is a close-ended fund for domestic and overseas investors with a targeted corpus of Rs500 crore.

The Real Estate Opportunities Fund would focus on acquiring secured rental income- producing real estate assets with quality blue chip tenants and picking up equity stakes in specific real estate projects being developed by reputed developers.

The Anand Rathi Realty Fund will invest in equity and equity-linked instruments of real estate companies and focus on growing markets in India such as Pune, Bangalore, Hyderabad, Chennai and other cities that are witnessing substantial urban development.
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Rupee unchanged; bond prices fall
Mumbai: The rupee remained virtually unchanged against the dollar on Thursday. The rupee opened higher at 43.50 / 51 up from Wednesday's closing of 43.54 / 55. Wednesday had seen an inflow of $337 million.

Due to some dollar selling and the rupee touched an intra-day high of 43.48 / 50 but with inflows not being as per expectations, the rupee fell to end at 43.55 / 56.

In the forward premia market, the 12-month ended at 1.27 per cent (1.29 per cent) and the six-month closed at 1.44 per cent (1.42 per cent).

In the bond market, prices opened 20-25 paise higher than Wednesday's closing but fell on profit booking.
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Overseas investors bids reach $1 bn for Reliance preferential equity
Mumbai: Overseas investors have put in bids worth more than $1 billion for preferential equity in Reliance Capital against the targetted $75 million.

Anil Ambani chairman Reliance Capital made the preferential offering on June 19, a day after the settlement with elder brother Mukesh Ambani that gave him control of Reliance Capital. Anil Ambani has committed to personally invest Rs2,000 crore in the company.

The Reliance Capital stock touched an all-time high of over Rs308 a share on the Bombay Stock Exchange on Thursday.
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