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Markets this week
Both the Sensex and the Nifty recorded a nine-month high, closing Monday with the fourth consecutive day of gains. The Sensex closed higher at 14,840, adding 215 points and the Nifty surged 81 points to finsish at 4,529 . Strong Asian markets and brisk buying by FIIs fuelled the rally.
Reliance Mutual Fund's asset base crossed the Rs 1 lakh crore mark, as per data released by the Association of Mutual Funds in India. It has witnessed a 16-per-cent rise in asset base, which now stands at Rs 1,02,730 crore as on en May end against the Rs 88,388 crore in April.
The asset base of the mutual fund industry rose sharply in May and crossed the Rs 6 lakh crore-mark on the back of surging equities and improvement in liquidity. The assets under management (AUM) grew by over 15 per cent to Rs 6,37,609 crore from Rs 5,51,254 crore in April, according to AMFI.
The Sensex ended a volatile session on Tuesday with a gain of 34 points to close at 14,875 and the Nifty closed at 4,525, marginally down 4 points. Late buying in pivotals and some banking stocks reversed the earlier losses.
After touching the 15,000 level in intra-day trading on Wednesday, the benchmark Sensex ended flat at 14,871, a meagre gain of 4 points and the Nifty too settled at 4,530 up 5 points.
Reliance Industries' German textile arm, Trevira, has filed for insolvency following a substantial demand slump in Europe. The company makes high value branded polyester fibres and filament yarn for the apparel, home textiles and automotive industries as well as for hygiene and technical applications. RIL had acquired it in 2004 for Euro 80 million.
Norwest Venture Partners, an investment firm based in California, has agreed to pick up 2.11 per cent stake in the National Stock Exchange. The deal, organised by IL&FS Securities Services Ltd, values NSE at over Rs 12,000 crore.
Markets bounced back strongly in the later session on Thursday and closed above the 15,000 level on the back of divestment news and some value buying in infrastructure, telecom, pharma, cement and banking stocks. The Sensex finally closed 137 points higher at 15,008 and the Nifty advanced 42 points to end at 4,572.
MCX Stock Exchange, a subsidiary of Financial Technologies and Multi-Commodity Exchange (MCX), on Thursday announced the divestment of 6.48 per cent stake in favour of Union Bank of India and Bank of India, and the deal has been valued at Rs 87.5 crore.
The bourses closed the week on a positive note. On Friday the benchmark Sensex ended with a gain of 95 points at 15,103 and the Nifty added 14 points to finish at 4587.
Compiled by S Vasudevan
Podcast by M J Madhavan
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