Market may lose its sheen
The Sensex opened with a positive gap of four points at 4,310. It is now down 15 points at 4,290. The volatility in the markets due to profit booking is likely to continue on Monday, keeping the markets weak. HCL has gone down 10 per cent (Rs 19) to Rs 177. Infosys has dropped Rs 26 to Rs 4,125. Satyam is also weak. ITC is down Rs 7 at Rs 797. HLL has declined a rupee to Rs 184.

Reliance is down a notch at Rs 417. SBI is down a rupee at Rs 440. HPCL is also in negative zone. One reason for the downslide could be the fact that FIIs have turned sellers. The US markets remained flat on Friday. The Nasdaq composite rose 8.94 points to 1855.03. The Dow Jones industrial average gained 11.79 points to 9471.55.
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Be careful about manipulation, SEBI warns MFs
Mumbai: The Securities and Exchange Board of India (Sebi) has warned mutual funds (MFs) against market manipulation and they have been asked to avoid ramping up of prices. Senior SEBI officials had met chief executives of asset management companies earlier this week in order to take stock of the market and also to verify whether adequate risk control measures had been taken by fund houses.

Sources were quoted as saying that SEBI has warned mutual funds to be careful of small and mid-cap stocks that have been seeing a sudden spurt in prices. Industry officials, familiar with developments, said the meeting was called to focus on measures the fund houses should take to avoid being trapped in the Bull Run. The market has been going down during the last two trading sessions, after a continuous successive days of rise.
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Birla MF seeks SEBI nod for unique fund
Kolkata: Birla Sun Life Mutual Fund plans to introduce a fund of funds shortly. The scheme, first of its kind, will invest in other mutual funds. Birla Mutual Fund marketing head Ravi Sharma said the proposed scheme will be sent to the Securities and Exchange Board of India (SEBI) within a day or two. He said the scheme, which will invest 70 per cent of its corpus in various schemes of the company and 30 per cent in other funds, was in the process of final documentation.

Birla MF, which has been pioneer in introducing many novel products, might be the first in coming out with fund of funds. A couple of mutual fund companies are reportedly in advanced stage of launching fund of funds. Birla MF has recently introduced two products which have no peer in the industry: Birla Bond Index Fund and Birla Dividend Yield Plus.
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