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The sensex rallied for the third day today adding 197 points on heavy buying on realty companies and heavy buying in Reliance Industries.

The Nse index Nifty also ended higher by 45.65 points, The rally today was backed by Reliance Industries and Infosys following strengthening of dollar.

Reliance was up by 5.49 percent following reports that the company has reached agreement with fertilizer firms on sale of gas from its eastern offshore, Realty index was up by 6.32 per cent.

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A compilation of annualised returns by Value Research shows only four equity diversified mutual fund schemes have given positive returns, With Sensex falling by over 8 per cent during this period it is a surprising growth that these four schemes have managed to perform in a positive way. The growth of these four recorded between 1 per cent and 2.57 per cent.

Mutual Fund

Those funds which have invested in non-Nifty, illiquid and high FII-ownership stocks have been affected the most, said Mr Sridhar.

While only four of the 137 equity diversified schemes gave positive returns, about 70 per cent of the equity diversified schemes have fared worse than both the Sensex and even their own benchmark indices.

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TAINWALCHM Limited has announced the Non-Consolidated   Results for the quarter ended on 31-DEC-2008 as follows:

Net Sales of Rs.1.70 crores  for the quarter ending on 31-DEC-2008 with Net profit of 62.24 Lakhs with an EPS of .66 Other Income was at Rs 1.24 crores and Total expenditure was Rs.2.56 crores.

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GSFC Limited has announced the Non-Consolidated   Results for the quarter ended on 31-DEC-2008 as follows:

Net Sales of Rs.1990.82 crores  for the quarter ending on 31-DEC-2008 with Netprofit of 171.29 crores with an EPS of 21.49 Other Income was at Rs 21.32 crores and Total expenditure was Rs.1747.30 crores.
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INGERRAND Limited has announced the Non-Consolidated   Results for the quarter ended on 31-DEC-2008 as follows:

Net Sales of Rs.9353 Lakhs  for the quarter ending on 31-DEC-2008 with Netprofit of 1585 Lakhs with an EPS of 5.02 Other Income was at Rs 1632 Lakhs and Total expenditure was Rs.8688 Lakhs.

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GMR FERTILIZER Limited has announced the Non-Consolidated   Results for the quarter ended on 31-DEC-2008 as follows:

Net Sales of Rs.621.88Lakhs  for the quarter ending on 31-DEC-2008 with Netprofit of -1222.64 Lakhs with an EPS of -10.12 Other Income was at Rs 2.34 Lakhs and Total expenditure was Rs.1927.86 Lakhs.

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NOVOPANIND Limited has announced the Non-Consolidated   Results for the quarter ended on 31-DEC-2008 as follows:

Net Sales of Rs.1689 Lakhs  for the quarter ending on 31-DEC-2008 with Net loss of 509 Lakhs with Other Income was at Rs 72 Lakhs and Total expenditure was Rs.2108 Lakhs.

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CYBERTECH Limited has announced the Consolidated   Results for the quarter ended on 31-DEC-2008 as follows:

Net Sales of Rs.1349.60Lakhs  for the quarter ending on 31-DEC-2008 with Netprofit of 21.05 Lakhs with an EPS of .08 Other Income was at Rs 206.17Lakhs and Total expenditure was Rs.1512.85 Lakhs.

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Today the Indian government announced a higher than expected borrowing plan. This caused panic in the market where the participants had taken huge positions following the rate cuts done by RBI last week. The bond yield had touched its all-time low of 4.86 percent intra-day on Monday. The 10-year benchmark bond yield closed at 5.87 percent on Wednesday 7-Jan-2009. Thursday is a holiday for the markets.

The government has said that it would issue 500 billion rupees ($10.3 million) of fresh bonds by March with 150 billion rupees of bonds to be auctioned on Friday. The government has already borrowed 1.77 trillion rupees of bonds this year compared to 1.5 trillion rupees last year.

But this rise in yields seems like a temporary reaction to Fridays auction. With inflation expected to ease further and interest rates to decline, this rise might just be the best opportunity to invest in bonds funds. The bond yields should start their downward journey soon.

Remember that bond yields have an inverse relation with the returns on bond funds.

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SEBI has directed all mutual funds to not charge the entry load for applications which are made directly to them. Till now mutual funds were charging around 2.25% for open-ended equity schemes to all investors. So for example, if you were to make an application of Rs. 10,000, you would be charged Rs. 225. This they did by alloting units at 2.25% higher than the day’s NAV. This charge was for meeting the distribution expenses and broker’s commission.

But from today, investors who do not apply via a broker but rather apply directly with the AMC (Asset Management Company) or via the internet, they will not be charged any entry load. So for example, if you wish to apply to Reliance’s Tax Saver scheme, you should fill and submit your application directly at the Reliance Mutual Fund’s office or apply via their website. Please take care that the application form which you use, does not contain any broker’s code mentioned on it. This is good news for investors as they save around Rs. 225 per Rs. 10,000 application (assuming an entry load of 2.25%).

Investors who wish to have the guidance of their brokers while applying can continue to apply via their brokers but they will be charged the 2.25% entry load.

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