Market Check Index Current Pt. Change % Change S&P BSE SENSEX 34,539.46 +456.75 +1.34 S&P BSE SENSEX 50 11,061.15 +142.47 +1.30 S&P BSE SENSEX Next 50 34,580.13 +544.50 +1.60 S&P BSE 100 10,984.39 +146.39 +1.35 S&P BSE Bharat 22 Index 3,727.89 +27.99 +0.76 Buying bitcoins? Cryptocurrencies are like ponzi schemes: World Bank chief The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin. “In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.” READ MORE New Sebi norms to bar MFs from dumping investors with 'NAV management' fee The chief of a large fund house sits late afternoon every day and dutifully pours over the net asset values (NAVs) of his schemes. After scrutinising the returns for the day, he decides on the expense ratios that need to be charged and deducted for each category. The executive is not alone. In fact, many fund houses, especially those that handle significant institutional money, dabble in what some call "NAV management", which involves adjusting the expenses based on the returns made on the particular day. The Securities and Exchange Board of India's (Sebi's) diktat asking fund houses to disclose the total expense ratio (TER) of their schemes daily, however, may put an end to this practice. READ MORE Market rout weighs on net asset values of most mutual fund schemes The top 10 holdings of equity MFs were not spared in the ongoing market carnage. Barring ITC, all other stocks with highest exposure have seen a drop in their stock prices between 4% and 9% this month. The top 10 stocks account for nearly a fifth of the total equity assets under management (AUM). The correction has weighed on the net asset values (NAVs) of most MF schemes. Mortgage firm HDFC has declined the most this month, followed by Reliance Industries. These two accounted for Rs 255 billion of equity MF AUM as of December 2017. Kotak Mahindra Bank and HDFC Bank, too, have seen their stock prices erode by nearly 7% each. In comparison, the Sensex is down 5.2% this month. ITC and Infosys are the only two stocks in the top 10 that have managed to outperform the market this month. READ MORE Ashok Leyland, Shakti Pumps, Zydus Wellness, Jubilant Life hit 52-week high Ashok Leyland, Shakti Pumps, Zyndus Wellness, Excel Industries, FDC, Jubilant Life Sciences, Polaris Consulting & Services, Hinduja Global Solutions and Inox Leisure have hit their respective 52-week highs on BSE on Thursday. These stocks have trading higher by up to 19% today, extending their gain after reported a strong set of numbers for the quarter ended December 2017 (Q3FY18). READ MORE Stock market correction: Investors should opt for large-cap and debt funds We were in the midst of a global bull market wherein some indices, such as the Dow Jones, gained nearly 1,000 points in about ten to fifteen days. Indian markets, too, saw the best rally one month prior to the budget presentation in over a decade with the indices gaining around 6% in January 2018. Clearly, global markets have been overbought as of January. The current correction seen in Indian equities is largely owing to the correction in global markets. That said, India remains a great structural story for the next 10 years. READ MORE
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