Daily Market Update: Sensex and NIFTY end high, IT and Bank Stocks Witness buying
Short Market Update: Markets end in green in the last hour of trading. Mirae asset Equity Savings Fund launched. Fund houses file for new funds.
Today’s market ended high mainly due to the positive note during closing hours. Major gains were seen in the IT sector and oil and gains. Metal and healthcare stocks were in red due to selling pressure.
BSE Sensex is up by 159.06 points or 0.45% and closed at Rs 35,513.14, and NSE Nifty ended up by 57 points or 0.54% at Rs 10,685.60. BSE Mid Cap ended up by 48.02 points or 0.32% and closed at Rs 14937.91. While Small Cap Index was up by 61.71 points or 0.43% and ended at Rs 14,390.79.
Today’s top gainers were Infosys, BPCL, Bajaj Finserv, TCS and HCL Tech.
Biggest losers were Hero Motorcorp, Sun Pharma, Yes Bank, JSW Steel, and Wipro.
Mirae Asset launched Mirae Asset Equity Savings Fund
Mirae Asset launched its equity savings fund. NFO period is currently on and it closes on 10th December 2018. It is an open-ended scheme that plans to invest 40% in equity, 30% in arbitrage and 30% in debt and money market instruments. The fund will predominantly invest in large caps with the flexibility to invest in mid and small caps. The fund’s equity investments are greater than 65% making it tax efficient.
Fund Houses File for New Funds
Fund houses are increasing the funds on their pallet. ICIC and IDFC filed for new funds. IDFC filed for IDFC floating fund while ICIC filed for Bharat Consumption Fund. ICIC’s fund is an equity thematic fund that invests in consumption related companies. While IDFC’s fund is a floating fund. It invests in securities that have variable interest rates. Fund houses are coming up with new funds mainly because they believe that mutual fund investments still have a lot of potential in India.