Markets: Sensex up 91 points - festivities in advance
Mumbai: The BSE Sensex gained 91 points or 1.60 per cent to close at 5766.30 points. The NSE Nifty appreciated by about 31 points or 1.72 per cent

Market Gainers
Maruti Udyog, Reliance Energy, Gujarat Ambuja Cement, Wipro, Satyam, Nucleus Software, MphasiS BFL, Aztec Software, Polaris Software, iGate Global, KPIT Infosys, i-flex Solutions, Grasim, ACC Sree Cement, Madras Cement, Birla Corporation, Opto Circuits, Arvind Mills, Mahavir Spinning, Pantaloon Retail

Market Losers

Market Counters
Mahindra & Mahindra up Rs10.90 at Rs451.7
Gujarat Ambuja up Rs13.65 at Rs358.25
Crew B.O.S up Rs7.65 at Rs53.25
Maharashtra Seamless up Rs6.45 at Rs236.10
Aarti Drugs up by Rs12 at Rs132.05
Bajaj Electricals up Rs6 at Rs74.80
Arvind Mills up 4.83 per cent at Rs84.65
Sterlite Industries up 6.02 per cent at Rs648.50
Crompton Greaves up 6.58 per cent at Rs244.50
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UTI-SSgA to launch index fund
Kolkata: UTI Mutual Fund has come up with its first product under the UTI- State Street Global Advisors (SsgA) umbrella - an index fund that will be based on the Dow Jones Global Titans 50.

The proposed UTI-SSgA Global Titans 50 Index Fund, with growth and dividend options, will try to deliver returns as close as possible to that of the underlying index.

UTI MF is expected to position its latest offer chiefly for domestic investors with a minimum Rs10,000 required for investing in the scheme.

The Dow Jones Global Titans 50 index, according to the offer document filed with SEBI for clearance, provides exposure to companies headquartered in nations around the world. It aims at curtailing risk through country diversification and by including only the largest and most-established blue chip corporates. The index is weighted by free-float market capitalisation. Each component's weightage is capped at 10 per cent of the index's total free-float market cap.

State Street Global Advisors Asia Ltd was mandated as investment advisor by the UTI and is expected to monitor and review the investments of the proposed fund and recommend appropriate changes.

SSgA, which had over $1.2 trillion under management, is currently ranked as the world's largest institutional asset manager.

THE proposed fund will follow a passive strategy, with its focus on replicating the chosen index and minimising tracking errors. Composition of the index is subject to changes, which Dow Jones and Co may consider necessary from time to time.
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UTI to `Post' Rs 100-cr MF biz
Kolkata: The UTI Asset Management Co Pvt Ltd. has tied-up with the Department of Posts for the distribution of select mutual fund schemes through 50 post offices in 17 postal circles across the country.

To begin with, five schemes would be distributed through this new route. These include UTI Children's Career Plan, UTI Variable Investment Scheme, UTI Mahila Unit Scheme, UTI Mastershare Unit Scheme and UTI Linked Insurance Plan.

Over time, other UTI mutual fund schemes would also be distributed through the post offices network as well. From 50 post offices now, UTI mutual fund schemes would be available in 300 post offices within a year.

The Department of Posts has a strong retail presence through the post office savings bank network with gross national mobilisations of around Rs1,60,000 crore in 2003-04. The Department of Posts would get a commission in the range of 0.5-2 per cent of the schemes that are sold through it.
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