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Petrol prices increase after two months

File photo of a petrol pump
File photo of a petrol pump
After declining for nearly two months, petrol prices rose marginally on Thursday across three of the four metro cities in the country.
 
The increase comes after the prices of the fuel declined over 15 per cent in the last two months from the highs recorded in mid-October.
 
In Delhi, petrol was priced at Rs 70.29 per litre, up from Rs 70.20 recorded on Wednesday, according to data on the Indian Oil Corp's website.
 
The cost of petrol increased by 11 paise and 13 paise in Mumbai and Chennai respectively from Wednesday's levels, to Rs 75.91 and Rs 72.94 per litre.
 
However, in Kolkata, petrol price dropped 90 paise to Rs 72.38, from Rs 73.28 recorded on Wednesday.
 
Prices of diesel were unchanged for the second consecutive day in three out of the four metro cities.
 
In Delhi, Mumbai and Chennai, diesel was sold at unchanged prices of Rs 64.66, Rs 67.66 and Rs 68.26, respectively. Meanwhile, in Kolkata the price of diesel fell by Re 1 to Rs 66.40 per litre.
 
Diesel prices too have declined nearly 15 per cent from the record high levels reached in mid-October.
 
The rate hike comes amidst stability in crude oil prices as the Organization of Petroleum Exporting Countries (OPEC) and Russia last week decided to reduce supply by 1.2 million barrels per day after the continuous fall in oil prices for around two months.
 
On Thursday, the Brent crude oil futures were around $60.35 per barrel.
 
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Sensex up 150 points; Nifty ends short of 10,800 mark

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The key Indian equity indices traded higher on Thursday with the Sensex gaining over 150 points and Nifty50 ending just short of 10,800 points mark.
 
Almost all the sectoral indices on BSE and NSE ended in the green. 
 
"With inflation cooling off, it will give way to interest rate cut. We expect an interest rate cut which will lead to higher lending," said Astha Jain, Senior Analyst, Hem Securities.
 
The Sensex settled up 150.57 points or 0.42 per cent at 35,929.64 touching an intra-day high of 36,095.56 and a low of 35,794.51.
 
The Nifty50 gained 53.95 points or 0.50 per cent to closed at 10,791.55.
 
The market was supported by healthy buying in banking stocks. Sentiments were upbeat as the newly appointed Reserve Bank Governor Shaktikanta Das held a meeting with heads of Mumbai-based public sector banks.
 
The Nifty PSU Bank index gained 1.03 per cent. Banking stocks also rose as RBI is scheduled to purchase government securities and infuse liquidity worth Rs 10,000 crore on Thursday.
 
Yes Bank shares fell the most on BSE. Shares of the private lender declined steeply after the bank's Board on Thursday could only finalise the Non-Executive Part-Time Chairman position.
 
Stock-wise, Wipro, Infosys, Kotak Mahindra Bank and Maruti Suzuki gained over 2 per cent.
 
In contrast Sun Pharma lost 2.12 per cent and TCS, Tata Steel and Adani Ports declined in the range of 1 to 2 per cent.
 
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Sensex up 300 points as RBI Governor meets banks

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The key Indian equity indices traded higher on Thursday with the Sensex gaining over 300 points and Nifty50 trading over the 10,800 points mark.
 
The market was supported by healthy buying in banking stocks. Sentiments were upbeat as the newly appointed Reserve Bank Governor Shaktikanta Das held a meeting with heads of Mumbai-based public sector banks.
 
The Nifty PSU Bank index gained 1.66 per cent. Banking stocks also rose as RBI is scheduled to purchase government securities and infuse liquidity worth Rs 10,000 crore on Thursday.
 
All the sectoral indices on BSE and NSE were in the green. 
 
"With inflation cooling off, it will give way to interest rate cut. We expect an interest rate cut which will lead to higher lending," said Astha Jain, Senior Analyst, Hem Securities.
 
At 1.48 p.m., the Sensex traded 298.76 points higher at 36,077.83 points, touching an intra-day high of 36,095.56 and a low of 35,892.51 so far. The Nifty50 traded 96.95 points higher at 10,834.55 points, from the previous close. 
 
Auto stocks were most favoured on the BSE as Tata Motors (DVR), Tata Motors and Maruti Suzuki gained over 2 per cent. State Bank of India and IndusInd Bank were among the top gainers.
 
In contrast, of the 30 stocks on BSE, only 6 traded lower, led by Sun Pharma and TCS, both declining by over 1 per cent.
 
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Key Indian equity market indices open in green

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Taking a cue from global markets, the key Indian equity market indices opened higher on Thursday.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 35,779.07 points on Wednesday, opened higher at 36,024.88 points.
 
Minutes into trading, it was quoting at 35,979.33 points, up by 200.26 points, or 0.56 per cent.
 
At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,737.60 points on Wednesday, was quoting at 10,807.40 points, up by 69.80 points or 0.65 per cent.
 
Buying at lower levels and hopes of an easing monitory policy with the appointment of Shaktikanta Das as the new Reserve Bank of India (RBI) Governor, pushed the key equity indices up. 
 
The Sensex was up by 629.06 points or 1.79 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 35,826.58 points and a low of 35,167.47 points. The Nifty, too, was up by 188.45 points or 1.79 per cent.
 
On Thursday, Asian indices were showing a positive trend. Japan's Nikkei 225 was quoting in green, up by 1.13 per cent while Hang Seng was up by 1.43 per cent, South Korea's Kospi was also up by 0.97 per cent. China's Shanghai Composite index was trading in green, up by 1.50 per cent.
 
Overnight, Nasdaq closed in green, up by 0.95 per cent while FTSE 100 was also up by 1.08 percent at the closing on Wednesday.
 
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Regal wedding for corporate scions Isha Ambani and Anand Piramal dazzles Mumbai

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Top Indian and international personalities, film and sports icons, business tycoons, political heavyweights, celebrities and a host of others attended what was described as "a royal wedding" for the scions of two top business conglomerates - Isha Ambani and Anand Piramal - here on Wednesday.
 
The celebrations started in the afternoon with the traditionally attired groom, Anand, arriving on a mare at the head of a wedding procession (baraat) at the Ambani's towering Antilia residence.
 
The 27-storied Antilia, said to be one of the most expensive private residences in the world, itself has been decked up like a bride, and the entire stretch from the main road to the building has been decorated since the past few days with multi-hued fresh flowers, colourful lights and festoons to commemorate one of the most anticipated weddings in the country's commercial capital in recent times.
 
Later in the evening, the grand wedding saw the parents - industrialist Mukesh Ambani and his wife Nita, tycoons Ajay Piramal and his wife Swati - and others welcoming the high-profile celebrity guests.
 
Former President Pranab Mukherjee was warmly received by business magnate Anil Ambani, the bride's uncle, while other top celebs like former US Secretary of State Hillary Clinton and Praful Patel also made their presence felt.
 
Prominent invitees included Bollywood actors like Rajinikanth, Amitabh and Jaya Bachchan, Abhishek and Aishwarya Bachchan, Aamir Khan and Kiran, Shah Rukh Khan and Gauri, Salman Khan, Katrina Kaif, Priyanka Chopra and her husband Nick Jonas, Deepika Padukone and Ranveer Singh, Hritik Roshan, Shilpa Shetty and Vidhu Vinod Chopra et al.
 
Besides, Sachin Tendulkar and other sports personalities, top business honchos included K.V. Kamath, Sanjiv Goenka, Deepak Parekh, Sashi and Anshuman Ruia, Adi Godej, Rahul Bajaj and Harsh Mariwala were also seen at the wedding.
 
The grand wedding festivities had started several days earlier in Udaipur, Rajasthan which witnessed a performance by Grammy award winning singer Beyonce Knowles, a four-day special 'Anna Seva' and an expo on traditional Indian handicrafts, besides other events for the guests that included many of the biggest names from politics, business and Bollywood.
 
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Indian Navy inducts Deep Sea Submarine Rescue System

Indian Navy's first flyaway Deep Sea Submarine Rescue System was formally inducted by Admiral Sunil Lanba, Chairman, Chiefs of Staff Committee and Chief of the Naval Staff, at the Naval Dockyard here today.
 
With this, India has joined a select league of nations worldwide with the sovereign capability, in fly away configuration, to search, locate and rescue crew from a disabled submarine, a press release from the Ministry of Defence said.
 
Vice-Admiral Girish Luthra, Flag Officer Commanding-in-Chief, Western Naval Command, former CNS/Cs-in-C as well as the senior management of the original equipment manufacturer, James Fisher and Sons Pvt. Ltd, UK were present during the ceremony.
 
"Aquisition of this capability is a significant and pioneering jump in the Indian Navy's capability in deep submarine rescue," the release said.
 
The Indian Navy currently operates submarines of the Sindhughosh, Shishumar, Kalvari Classes as well as nuclear powered submarines. The operating medium and the nature of operations undertaken by submarines expose them to high degree of inherent risk. In such an eventuality, traditional methods of search and rescue at sea are ineffective for a disabled submarine. To overcome this capability gap the Navy has acquired a third generation, advanced Submarine Rescue System considering of a Non-tethered Deep Submergence Rescue Vehicle (DSRV) and its associated equipment.
 
The deep sea rescue system would have a global footprint and can be mobilised from the Naval base in Mumbai to the nearest mobilisation port by air/land or sea to provide rapid rescue to the submarines in distress. 
 
The newly acquired capability would be operated and deployed by the crew of Indian Navy's newly formed Submarine Rescue Unit (West) from its base in Mumbai, the release said.
 
The Indian Navy's Deep Sea Submarine Rescue System, considered to be the most advanced system currently in operation globally, is capable of undertaking rescue from a disabled submarine upto 650 m depth. The DSRV, which is operated by a crew of three, can rescue 14 personnel from a disabled submarine at one time and can operate in extreme sea conditions (upto Sea State 6), it added.
 
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New RBI chief, global cues push up equity market

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Positive global markets along with value buying and hopes of an ease in the monetary policy with the appointment of Shaktikanta Das as the RBI chief pushed the key equity indices 1.8 per cent higher on Wednesday.
 
Analysts said investors were optimistic over the swift appointment of Das as the 25th Governor of the Reserve Bank as it might lead to a more liberal monetary policy.
 
However, caution ahead of the release of industrial production and retail inflation data coupled with higher crude oil prices and outflow of foreign funds arrested the upward movement.
 
All sectoral indices rose, led by financial and auto counters, with the latter gaining 3 per cent the highest increase on BSE.
 
"A clear mandate in key states assuaged investor concerns and had a positive impact on volatility," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
 
According to Vinod Nair, Head of Research, Geojit Financial Services: "Market rallied and reclaimed the 10,700 mark as swift reaction from government with the appointment of new RBI governor supported the sentiment.
 
"Bank Nifty outperformed with an expectation of ease in liquidity and relaxation in PCA framework. Global indices rallied on US-China trade hopes and the ripple effect was seen in other EMs as well."
 
Index-wise, the S&P BSE Sensex settled higher by 1.79 per cent, or 629.06 points, at 35,779.07 points, from its previous close of 35,150.01 points. It touched an intra-day high of 35,826.58 points and a low of 35,167.47 points.
 
The NSE Nifty50 advanced 188.45 points or 1.79 per cent to close the session at 10,737.60 points.
 
The BSE market breadth was positive as the number of advancing stocks was thrice the declining ones. A total of 1,910 stocks advanced while 652 declined.
 
In the broader market, BSE Mid-cap and Small-cap registered strong gains, advancing 2.53 per cent and 2.46 per cent respectively.
 
On the currency front, the rupee settled at 72.01 per US dollar, weakened by 85 paise from the Tuesday's close of 71.86.
 
"Technically, with the Nifty rallying sharply higher after the bounce back seen in the previous session, the bulls are gaining control. Further upsides are likely once the immediate resistances of 10,747 are taken out," said HDFC Securities' Retail Research Head Deepak Jasani.
 
"Crucial supports to watch for any weakness are at 10,640-10,567." 
 
In terms of investment, provisional data from the BSE showed that foreign Institutional Investors (FII's) sold stocks worth Rs 1,299.43 crore, whereas the Domestic Institutional Investors (DII's) bought Rs 1,121.29 crore of shares. 
 
All the 30 stocks on Sensex advanced led by Hero MotoCorp, which gained 7.57 per cent at Rs 3,265.30, while Yes Bank, Bharti Airtel, Adani Ports and Tata Motors (DVR) advanced in a range of 4 to 5.30 per cent.
 
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RBI is accountable, government runs country: Shaktikanta Das

Shaktikanta Das
Shaktikanta Das
Declaring that he would uphold the "autonomy, integrity and credibility" of the RBI, newly-appointed Governor Shaktikanta Das said on Wednesday that the government is resposible for running the country and the central bank is also accountable.
 
Briefing reporters here after taking charge as the 25th Governor of the Reserve Bank of India (RBI) Das also said that consultations with stakeholders had become fundamental to the central bank's functioning in view of the complexity of modern day decision-making and, as part of this process, he will meet the heads of the Mumbai-based state-run banks on Thursday. 
 
Meetings with public sector banks outside Mumbai would follow "after some days", he added.
 
"The RBI is a great institution and I will try my best to uphold its autonomy, identity and values. The autonomy, integrity and credibility is very important for this great institution and it will be intact," he assured. 
 
In response to queries on the recent government-RBI tiff culminating in the resignation of Urjit Patel as the Governor, Das refused to go into contentious issues.
 
"I do not like to go into whatever the issues or what are the issues between government which runs the country and the RBI, but every institution has to have its professional integrity, maintain its professional autonomy. At the same time, every institution also must adhere to the principles of accountability," he said. 
 
"Government is not just a stakeholder but I mean the government of the day runs the economy, runs the country and manages major policy decisions.
 
"There has to be a free, fair, objective and very frank discussion between the government and the RBI. And, I believe that all issues, however contentious, can be resolved through discussions," he added. 
 
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Sensex jumps 629 points, Nifty settles above 10,700

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Buying at lower levels and hopes of an easing monetary policy with the appointment of Shaktikanta Das as the new RBI Governor pushed the key equity indices 1.8 per cent higher on Wednesday.
 
That apart, positivity in Asian markets also contributed to the gains by the domestic market.
 
According to analysts, investors were optimistic over the appointment of Das as the Reserve Bank head as it might lead to a more liberal monetary policy.
 
All the sectors gained, led by financial and auto stocks which advanced over 3 per cent, the highest increase among all the sectors on BSE.
 
The Sensex settled higher by 1.79 per cent, or 629.06 points, at 35,779.07, from its previous close of 35,150.01. It touched an intra-day high of 35,826.58 and a low of 35,167.47.
 
The Nifty50 advanced 188.45 points or 1.79 per cent to close the session at 10,737.60.
 
The market breadth was positive as the number of advancing stocks was thrice the declining ones. A total of 1,910 stocks advanced while 652 declined.
 
"The positivity is surprising but there is a possibility that the markets are comfortable from the fact that either the Congress or BJP will be dominant during the general elections," Rusmik Oza, Head-Fundamental Research, Kotak Securities, told IANS.
 
"...historically the economy has grown better with a majority or a coalition led by either BJP or Congress."
 
The benchmark Brent crude traded at $60.97 per barrel while the rupee stood at 71.88 to a US dollar from its previous close of 71.85.
 
"With the crude oil prices under control and no hike in interest rates, the corporates are expected to post good results. The investors are now shifting their focus from elections," said Astha Jain, a senior analyst at Hem Securities.
 
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Sensex up 600 points, Nifty above 10,700

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The benchmark S&P BSE Sensex rose over 600 points during the late afternoon session of the trade on Wednesday, led by gains in financials along with auto stocks which rose over 3 per cent.
 
Positivity in Asian markets contributed to the gains by the domestic equity indices.
 
"With the crude oil prices under control and no hike in interest rates, the corporates are expected to post good results. The investors are now shifting their focus from elections," said Astha Jain, a senior analyst at Hem Securities.
 
The benchmark Brent crude traded at $60.95 per barrel while the domestic currency weakened to Rs 72 to a US dollar from its previous close of 71.85.
 
At 3.01 p.m., the Sensex traded at 35,751.04 points, higher by 601.03 or 1.71 per cent from the previous close.
 
It has touched an intra-day high of 35,771.90 and a low of 35,167.47 so far.
 
The Nifty50 traded at 10,732.60 points, higher by 183.45 or 1.74 per cent from the previous close. 
 
"The positivity is surprising but there is a possibility that the markets are comfortable from the fact that either the Congress or BJP will be dominant during the general elections," Rusmik Oza, Head-Fundamental Research, Kotak Securities, told IANS.
 
"...historically the economy has grown better with a majority or a coalition led by either BJP or Congress."
 
According to analysts, the markets ignored the sudden resignation of Urjit Patel, perhaps because it might lead to a more liberal monetary policy with the appointment of Shaktikanta Das as the new Reserve Bank of India Governor.
 
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Sensex up 320 points, banking stocks back in favour

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The key equity indices rose close to 1 per cent during the afternoon session of the trade on Wednesday, led by gains in financials and auto stocks.
 
According to analysts, the markets ignored the sudden resignation of Urjit Patel, perhaps because it might lead to a more liberal monetary policy with the appointment of Shaktikanta Das as the new Rserve Bank of India Governor.
 
At 1.30 p.m., the Sensex traded at 35,467.62 points, higher by 317.61 or 0.90 per cent from the previous close.
 
It has touched an intra-day high of 35,554.36 and a low of 35,167.47 so far.
 
The Nifty50 traded at 10,643.20 points, higher by 94.05 or 0.89 per cent from the previous close. 
 
"The positivity is surprising but there is possibility that the markets are comfortable from the fact that either the Congress or BJP will be dominant during the upcoming general elections," Rusmik Oza, Head-Fundamental Research, Kotak Securities, told IANS.
 
"...historically the economy has grown better with a majority or a coalition led by either BJP or Congress."
 
All the sectors on the BSE, except the energy stocks, traded in the green. Also key sectors finance and banking outperformed the benchmark index.
 
In contrast, an analyst said a possible hung Parliament in 2019 will be a concern to the market.
 
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Shaktikanta Das assumes charge as Governor of RBI

Shaktikanta Das
Shaktikanta Das
Mr. Shaktikanta Das, former Secretary, Department of Economic Affairs in the Ministry of Finance, assumed charge as the Governor of the Reserve Bank of India (RBI) here today.
 
"Assumed charge as Governor, Reserve Bank of India. Thank you each and everyone for your good wishes," Mr. Das said on micro-blogging site Twitter.
 
Mr. Das, a retired Indian Administrative Service (IAS) officer of the 1980 batch (Tamil Nadu cadre), has succeeded Dr. Urjit Patel who resigned from his position on Monday with immediate effect, citing "personal reasons". His appointment is for a period of three years.
 
The sudden move by Dr. Patel, an economist, came at a time when there was speculation for long about increasing tension beween the Government and the RBI.
 
Some of the issues on which there reportedly were differences were the RBI's hawkish stance towards lenders and the economy. There were also differences on access to the RBI's surplus reserves and on issues related to liquidity, credit flow and the controls governing weak banks.
 
The resignation came just four days before the next meeting of the RBI Board, scheduled for December 14.
 
Mr. Das was appointed as Secretary, Economic Affairs on August 29, 2015. He was given a three-month extension in tenure from March 1 to May 31, 2017.
 
Prior to that, he had served as Secretary, Department of Revenue in the Ministry of Finance.
 
In November, 2017, Mr. Das had been appointed as India’s G 20 Sherpa till December 31, 2018 for the Development Track of the G20. 
 
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Markets open on high note on Wednesday

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The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.
 
The Sensex of the BSE opened at 35,277.84 points and touched a high of 35,329.37 points and a low of 35,272.16 points.
 
On Tuesday, the Sensex closed at 35,150.01 points.
 
The Sensex was trading at 35,240.49 points up by 90.48 points or 0.26 per cent.
 
On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 10,591.00 points after closing at 10,549.15 points on Tuesday.
 
The Nifty was trading at 10,564.65 points in the morning.
 
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Equity market up on global cues, factors in poll results

Short-covering, along with supportive global cues, buoyed the Indian stock exchanges on Tuesday after an initial volatile trade session, with the S&P BSE Sensex closing 190 points higher.
 
In addition, investors factored in the outcome of Assembly election results, although the outcome was unfavourable for the Bharatiya Janata Party (BJP). They bought on every available opportunity as valuations became attractive, market analysts said.
 
Initially, both the key indices -- S&P BSE Sensex and NSE Nifty50 -- had a gap-down opening and subsequently shed over 530 points and 150 points, respectively, as investors were spooked on the surprise resignation of RBI Governor Urjit Patel on Monday evening.
 
The sentiments had turned bearish as early election trends showed BJP in a neck and neck race with the Congress in the three out of five states including Madhya Pradesh.
 
However, the prospects of BJP retaining power in MP coupled with short covering and bargain buying by investors supported the gains on the indices.
 
Index-wise, the Sensex closed at 35,150.01, higher 190.29 points or 0.54 per cent, from the previous close of 34,959.72 points. 
 
It opened at 34,584.13 and has so far touched an intra-day high of 35,207.33 and low of 34,426.29 points.
 
The Nifty50 ended the day's trade at 10,549.15 points, higher 60.70 points or 0.58 per cent. 
 
"The negative trend was short lived as markets had already discounted the state election results yesterday (Monday) and short covering was witnessed during the day leading to markets turning positive," said Viral Berawala Essel Mutual Fund CIO on the market today.
 
HDFC Securities' Retail Research Head Deepak Jasani said: "Positive global markets also aided sentiments. Short-covering, along with absence of large selling, led to recovery in the markets. PSU banks saw buying in anticipation of a liberal RBI Governor."
 
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Abhijeet Dey, Senior Fund Manager - Equities, BNP Paribas Mutual Fund, said: "Interestingly, all the sectoral indices on the National Stock Exchange (NSE) closed the day in positive zone, with the healthcare and PSU banking indices gaining over 2 per cent for the day."
 
On the currency front, the rupee settled at 71.86 (71.8550) per US dollar, weakened by 52 paise from the Monday's close of 71.34.
 
It had fallen to an intra-day level of 72.44.
 
"Rupee has recovered well after the knee-jerk reaction to RBI Governor's resignation forced a sharply lower opening," said Anand James, Chief Market Strategist, Geojit Financial Services. 
 
"Markets look to have priced in the election results as well, so we are less likely to see any more weakness for now. It also helped that international cues are also supportive with oil and US dollar trading weak." 
 
In terms of investment, provisional data from the BSE showed that foreign Institutional Investors (FII) sold stocks worth Rs 2,421.06 crore, whereas the Domestic Institutional Investors (DII) bought Rs 2,255.68-crore shares. 
 
The top gainers on the Sensex were Yes Bank, up 7.29 per cent at Rs 177.40; Sun Pharma, up 5.75 per cent at Rs 421.80; Asian Paints, up 4.03 per cent at Rs 1,323.95; State Bank of India, up 2.85 per cent at Rs 281.20; and Axis Bank, up 2.42 per cent at Rs 604.25.
 
The major Sensex losers were Bharti Airtel, down 1.43 per cent at Rs 290.10; HDFC Bank, down 1.36 per cent at Rs 2,060.80; ICICI Bank, down 1.04 per cent at Rs 342.75; Adani Ports, down 0.68 per cent at Rs 356.90; and Maruti Suzuki, down 0.55 per cent at Rs 7,309.85.
 
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Sensex ends 190 points up amid volatility

Short-covering, along with supportive global cues and chances of Bharatiya Janata Party (BJP) retaining power in Madhya Pradesh, buoyed the Indian stock exchanges on Tuesday after a volatile trade session, with the S&P BSE Sensex closing 190 points higher.
 
Initially, both the key indices -- S&P BSE Sensex and NSE Nifty50 -- had a gap-down opening and subsequently shed over 530 points and 150 points respectively as investors were spooked on the surprise resignation of RBI Governor Urjit Patel on Monday evening.
 
The sentiments had turned bearish as early counting trends showed BJP in a neck and neck race with the Congress in the three out of five states including Madhya Pradesh.
 
However, the prospects of BJP retaining power in MP coupled with short covering and bargain buying by investors supported the gains on the indices.
 
Index-wise, the Sensex closed at 35,150.01, higher by 190.29 points or 0.54 per cent from the previous close of 34,959.72 points. 
 
It opened at 34,584.13 and has so far touched an intra-day high of 35,207.33 and low of 34,426.29 points.
 
The Nifty50 ended the day's trade at 10,549.15 points, higher by 60.70 points or 0.58 per cent. 
 
"Indian markets rose after making a higher intra-day bottom from 10.40 a.m. onwards once there was clarity on the state election results. Market participants felt that the performance of the ruling alliance was better than expected in MP and Rajasthan," HDFC Securities' Retail Research Head Deepak Jasani told IANS. 
 
"Positive global markets also aided sentiments. Short-covering along with absence of large selling led to recovery in the markets. PSU Banks saw buying in anticipation of a liberal RBI governor."
 
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BJP's MP lead, global cues lift equity indices

The domestic equity market reversed all the initial losses to trade higher on Tuesday late-afternoon session, with the S&P BSE Sensex gaining over 130 points.
 
The gains came on the back of the election trends which showed a narrow lead for the ruling Bharatiya Janata Party (BJP) in Madhya Pradesh assembly elections, analysts said. Short covering and bargain buying by investors also supported the gains on the indices, they added.
 
Besides, supportive global cues gave an upward push to the market's trajectory.
 
The market had lost significantly during the morning trade session on the sudden resignation by RBI Governor Urjit Patel and early election trends which showed BJP in a neck and neck race with the Congress in the three out of five states including Madhya Pradesh.
 
Around 2.20 p.m, the Sensex traded at 35,095.26, higher by 135.54 points or 0.39 per cent from the previous close of 34,959.72 points. 
 
It opened at 34,584.13 and has so far touched an intra-day high of 35,199.15 and low of 34,426.29 points.
 
The Nifty50 traded 44.45 points or 0.42 per cent up at 10,532.90 points.
 
"Indian markets rose after making a higher intra-day bottom from 10.40 a.m. onwards once there was clarity on the state election results. Market participants felt that the performance of the ruling alliance was better than expected in MP and Rajasthan," HDFC Securities' Retail Research Head Deepak Jasani told IANS. 
 
"Positive global markets also aided sentiments. Short-covering along with absence of large selling led to recovery in the markets. PSU Banks saw buying in anticipation of a liberal RBI governor."
 
On the currency front, the Indian rupee clawed back to some extent and traded around 71.83 per dollar. It closed at 71.34 per dollar on Monday.
 
"Rupee has recovered well after the knee jerk reaction to RBI governor's resignation forced a sharply lower opening," said Anand James, Chief Market Strategist, Geojit Financial Services. 
 
"Markets looks to have priced in the election results as well, so we are less likely to see any more weakness for now. It also helped that international cues are also supportive with oil and US dollar trading weak." 
 
IANS
 

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Equity market gains on BJP's lead in MP

Indian stock indices bounced back into the green as election trends on Tuesday noon showed that the Bharatiya Janata Party (BJP) had taken a narrow lead in the Madhya Pradesh Assembly elections after trailing to the Congress earlier.
 
The S&P BSE Sensex, which had fallen over 500 points during the morning session, traded at 34,988.62 points around noon, higher by 28.29 points or 0.08 per cent from the previous close.
 
The Nifty50 on the National Stock Exchange traded at 10,503.30 points, higher by 14.85 points or 0.14 per cent from the previous close. 
 
According to analysts, market indices pared losses due to short covering and buying at lower levels.
 
"Markets would swing till around noon based on leads positions in Madhya Pradesh as the other four states are showing clear winners," HDFC Securities' Retail Research Head Deepak Jasani told IANS. 
 
On the currency front, the Indian rupee weakened to 72 against the US dollar from its previous close of 71.34.
 
"Election results are not going the BJP way. But the rupee has recovered from the opening losses as central bank intervention may be occurring," said Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities.
 
"We could see more volatility and USDINR can trade within a wide range of 71.70 and 72.50 on spot."
 
IANS
 

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Sensex down 290 points; rupee slips to 72

The key equity indices -- S&P BSE Sensex and NSE Nifty50 -- remained subdued during Tuesday's morning trade session as the Congress party started to take the lead in the Assembly elections in three key states of Rajasthan, Madhya Pradesh and Chhattisgarh.
 
The key indices -- the S&P BSE Sensex and NSE Nifty50 - had a gap-down opening and subsequently shed over 500 points and 140 points respectively as investors were spooked on the surprise resignation of RBI Governor Urjit Patel on Monday evening.
 
According to market observers, heavy selling pressure in banking, oil and gas and automobile stocks.
 
On the currency front, the Indian rupee weakened to 72.24 against the US dollar from its previous close of 71.34.
 
At 10.30 a.m., the Sensex traded at 34,666.06 points, lower by 293.66 points or 0.84 per cent from the previous close.
 
The Nifty50 on the National Stock Exchange traded at 10,414.20 points, lower by 74.25 points or 0.71 per cent from the previous close. 
 
"Indian markets opened lower in line with expectations following RBI governor's abrupt exit on Monday evening," HDFC Securities' Retail Research Head Deepak Jasani told IANS. 
 
"A recovery in the first few minutes of trade was based on initial trends from MP where BJP was faring better than Congress. However this proved to be short-lived as the lead of BJP narrowed soon," he said.
 
He further noted: "Markets would swing till around noon based on leads positions in MP, as the other four states are showing clear winners."
 
On Monday - the previous trade session - a global sell-off along with a rise in crude oil prices suppressed the key Indian equity indices deep into the red.
 
Consequently, the NSE Nifty50 had ended lower by 205.25 points or 1.92 per cent to 10,488.45 points, whereas the Sensex closed at 34,959.72 points -- lower by 713.53 points or two per cent -- from its previous session's close of 35,673.25 points.
 
IANS
 

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Sensex drops 500 points, Nifty below 10,400 mark

The S&P BSE Sensex slid around 500 points on Tuesday morning after the Congress party started to take the lead in the Assembly elections in three key states of Rajasthan, Madhya Pradesh and Chhattisgarh.
 
Accordingly, at 9.35 a.m., the Sensex traded at 34,459.72 points, lower by 500 points or 1.43 per cent from the previous close.
 
The Nifty50 on the National Stock Exchange traded at 10,344.40 points, lower by 144.05 points or 1.37 per cent from the previous close. 
 
Initially, the key stock exchanges had a gap-down opening as investors were spooked on the surprise resignation of RBI Governor Urjit Patel on Monday evening.
 
IANS
 

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Sensex opens 450 points down after RBI chief's resignation shocker

The key stock exchanges had a gap-down opening on Tuesday, with the S&P BSE Sensex losing over 450 points as investors were spooked on the surprise resignation of RBI Governor Urjit Patel on Monday.
 
Further, early trends of the Assembly election results in five states which showed a neck and neck fight between the Bharatiya Janata Party (BJP) and Congress in at least three also weighed on the sentiments.
 
At 9.16 a.m., the Sensex traded at 34,502.62 points, lower by 457.10 points or 1.31 per cent from the previous close.
 
It had opened at 34,584.13 against the previous close of 34,959.72 points on Monday.
 
The Nifty50 on the National Stock Exchange traded at 10,346.90 points, lower by 141.55 points or 1.35 per cent from the previous close. 
 
IANS
 
 
 

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Global sell-off, politics dent equities; Sensex plunges

A global sell-off along with caution ahead of the Assembly election results and a rise in crude oil prices suppressed the key Indian equity indices deep into the red on Monday.
 
At the end of the day's trade, the Nifty50 on the National Stock Exchange (NSE) fell below the 10,500 mark and the S&P BSE Sensex climbed down from the psychologically significant level of 35,000 points.
 
In the initial trade hours, the key indices -- the S&P BSE Sensex and NSE Nifty50 -- had a gap-down opening and subsequently shed over 750 points and 215 points each on an intra-day low basis.
 
The Nifty was dragged lower due to weakness in index pivotals Reliance Industries, Kotak Mahindra Bank, HDFC and Infosys. 
 
Market observers said that caution prevailed before the outcome for the Assembly election results which will be known on Tuesday in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram. 
 
Exit polls say the Bharatiya Janata Party is facing a tough challenge. The elections are seen as a crucial indicator of public mood before the Lok Sabha elections in 2019.
 
In global markets, crude oil prices rose on Monday after the Organization of Petroleum Exporting Countries and Russia on Friday agreed to reduce supplies from January 2019.
 
In addition, there was a spike in trade war concerns after China on Sunday summoned US Ambassador Terry Branstad over the US arrest warrant for Huawei's global CFO Meng Wanzhou, who was taken into custody in Canada last week.
 
Major Asian markets closed on a negative note while European indices like FTSE 100, DAX and CAC 40 traded in the red. 
 
Index-wise, wider NSE Nifty50 closed lower by 205.25 points or 1.92 per cent to 10,488.45 points.
 
The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,204.66 points, closed at 34,959.72 points -- lower by 713.53 points or two per cent -- from its previous session's close of 35,673.25 points.
 
It touched an intra-day high of 35,246.97 and a low of 34,915.77 points.
 
"Markets ended with hefty losses on Monday as selling pressure continued during the day after a weak opening. The weakness came on the back of weak global cues amid rising tensions between the US and China as well as disappointing Chinese trade data for November," said HDFC Securities Retail Research Head Deepak Jasani.
 
Said Geojit Financial Services Head of Research Vinod Nair: "Investors' sentiment turned fragile due to worries over slowing global growth and caution ahead of the final outcome of state elections."
 
"Unfavourable exit poll results for the ruling party have impacted the sentiment of the market," Nair told IANS.
 
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On the currency front, the Indian rupee weakened to 71.34 against the US dollar from its previous close of 70.81 on last Friday.
 
In terms of investment, provisional data from the BSE showed that foreign Institutional Investors (FII) bought stocks worth Rs 116.22 crore, whereas the Domestic Institutional Investors (DII) sold shares worth Rs 145.80 crore, 
 
Sector-wise, there were no gainers on the BSE. 
 
On the other hand, the S&P BSE banking index plunged 605.06 points, the capital goods index fell 373.31 points and the consumer durables index was down 262.46 points.
 
The top gainers on the Sensex were Coal India, up 0.76 per cent, at Rs 238.60 and Maruti Suzuki, up 0.49 per cent, at Rs 7,350.10.
 
In contrast, the major Sensex losers were Kotak Mahindra Bank, down 6.56 per cent, at Rs 1,198.15; Reliance Industries, down 3.95 per cent, at Rs 1,088.50; Adani Ports, down 3.85 per cent, at Rs 359.35; Asian Paints, down 3.48 per cent, at Rs 1,272.70; and Tata Motors, down 3.45 per cent, at Rs 156.85.
 
Other major companies that slipped during the day's trade were Tata Motors DVR, down 3.25 per cent, at Rs 86.25; Bharti Airtel, down 3.16 per cent, at Rs 294.30; Sun Pharma, down 3.03 per cent, at Rs 398.85; Larsen and Toubro, down 2.29 per cent, at Rs 1,366.45; and HDFC, down 2.21 per cent, at Rs 1,909.20 per share.
 
IANS
 

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Sensex nosedives over 700 points, Nifty ends below 10,500 mark

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The Indian equity market slumped around two per cent on Monday, with the S&P BSE Sensex shedding over 700 points, tracking a similar sell-off globally along with uncertainties over the upcoming results of the recently held state elections.
 
The Nifty50 on the National Stock Exchange fell below the 10,500 mark and the Sensex ended below the psychologically significant level of 35,000 points.
 
On the domestic front, the results for the recently held assembly elections of five states would be out on Tuesday. Exits polls last week showed that the party in power -- the Bharatiya Janata Party -- is seen facing a tough challenge which has raised concerns among the investors.
 
The elections are considered a crucial indicator of public mood before the Lok Sabha elections in 2019.
 
In the global markets, crude oil prices rose on Monday after the Organization of Petroleum Exporting Countries and Russia on Friday agreed to reduce supplies from January 2019.
 
Further, there was a spike in trade war concerns after China on Sunday summoned US Ambassador Terry Branstad over the US arrest warrant for Huawei's global CFO Meng Wanzhou who was taken into custody in Canada last week.
 
Index-wise, wider Nifty50 of the National Stock Exchange (NSE) closed lower by 205.25 points or 1.92 per cent to 10,488.45 points.
 
The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,204.66 points, closed at 34,959.72 points -- lower by 713.53 points or two per cent -- from its previous session's close of 35,673.25 points.
 
It touched an intra-day high of 35,246.97 and a low of 34,915.77 points.
 
"Our markets have fallen in line with other global markets which were down due to resurgence of US-China friction and rise in crude prices," HDFC Securities' Retail Research Head Deepak Jasani told IANS.
 
On the currency front, the Indian rupee weakened to 71.38 against the US dollar from its previous close of 70.81.
 
"Dollar-rupee opened higher, around 71.35 on spot, after exit polls suggested that BJP may lose three major states," said Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities.
 
"If exit polls are true, then it can increase the political risk premium on the rupee."
 
Last Friday -- the previous trade session -- bargain hunting and lower crude oil prices lifted the key Indian equity market indices by around one per cent.
 
Consequently, the NSE Nifty50 had ended higher by 93 points or 0.87 per cent at 10,693.70 points, whereas the Sensex closed at 35,673.25 points, up 361.12 points or 1.02 per cent.
 
IANS
 

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RBI Governor Urjit Patel resigns, citing personal reasons

Reserve Bank of India Governor Urjit Patel resigned from his position on Monday with immediate effect, citing "personal reasons".

Urjit Patel
Urjit Patel
Reserve Bank of India (RBI) Governor Urjit Patel resigned from his position here today with immediate effect, citing "personal reasons".
 
"On account of personal reasons, I have decided to step down from my current position effective immediately," Dr. Patel said in a brief statement.
 
"It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future," he added.
 
Dr Patel, 55, had assumed charge as the 24th Governor of the RBI on September 4, 2016, succeeding Dr. Raghuram G. Rajan. He had, before that, served as Deputy Governor of the central bank since January 14, 2013.
 
His three-year term would, in the normal course, have run till September 3, 2019.
 
The sudden move by Dr. Patel, an economist, has come at a time when there has been speculation for long about increasing tension beween the Government and the RBI.
 
Some of the issues on which there reportedly were differences were the RBI's hawkish stance towards lenders and the economy. There were also differences on access to the RBI's surplus reserves and on issues related to liquidity, credit flow and the controls governing weak banks.
 
In recent days, there was speculation that Dr. Patel would step aside, especially after RBI Deputy Governor Viral Acharya, in a speech last month, strongly defended the autonomy of the central bank.
 
The resignation has come just four days before the next meeting of the RBI Board, scheduled for December 14.
 
"Dr Urjit Patel is an economist of a very high calibre with a deep and insightful understanding of macro-economic issues. He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability," Prime Minister Narendra Modi said on micro-blogging site Twitter.
 
"Dr. Urjit Patel is a thorough professional with impeccable integrity. He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor. He leaves behind a great legacy. We will miss him immensely," he added.
 
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"The Government acknowledges with deep sense of appreciation the services rendered by Dr. Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of The RBI. It was a pleasure for me to deal with him and benefit from his scholarship," Finance Minister Arun Jaitley said on Twitter.
 
"I wish Dr. Patel all the very best and many more years of public service," he said.
 
Prior to joining the RBI as Deputy Governor, Dr. Patel was Adviser (Energy & Infrastructure), The Boston Consulting Group.
 
Born on October 28, 1963, he is a Ph.D. (Economics) from Yale University (1990) and M. Phil. from Oxford (1986). He has been a non-resident Senior Fellow, The Brookings Institution since 2009.
 
Dr. Patel was with International Monetary Fund (IMF) between 1990 and 1995 and worked on the U.S., India, Bahamas and Myanmar desks. He was on deputation (1996-1997) from the IMF to the Reserve Bank of India and provided advice on development of the debt market, banking sector reforms, pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market. 
 
He was a consultant (1998-2001) to the Ministry of Finance, Department of Economic Affairs, New Delhi.
 
Some of his previous assignments include as President (Business Development), Reliance Industries Limited, Executive Director and Member of the Management Committee, Infrastructure Development Finance Company Limited (IDFC) (1997-2006), Member of the Integrated Energy Policy Committee of the Government of India (2004-2006), and Member of the Board, Gujarat State Petroleum Corporation Limited.
 
Between 2000 and 2004, Dr. Patel worked closely with several central and state government high level committees, such as, Task Force on Direct Taxes, Ministry of Finance, Government of India, Advisory Committee (on Research Projects and Market Studies), Competition Commission of India, secretariat for the Prime Minister’s Task Force on Infrastructure, Group of Ministers on Telecom Matters, Committee on Civil Aviation Reforms, Ministry of Power’s Expert Group on State Electricity Boards and High Level Expert Group for Reviewing the Civil & Defence Services Pension System, Government of India.
 
Dr. Patel has authored technical publications, papers and comments in the areas of Indian macroeconomics, public finance, infrastructure, financial intermediation, international trade and the economics of climate change.
 
NNN
 
 

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DRT serves notice to Nirav Modi, family to recover PNB's 7,000 crore

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The Debt Recovery Tribunal (DRT) on Monday served notice to absconder diamantaire Nirav Modi, his family members and his companies to recover over Rs 7,000 crore owed to the Punjab National Bank (PNB).
 
The notice by the DRT-1 Registrar, A. Murali, came six months after the beleaguered PNB had moved the tribunal in July to recover around Rs 7,029 crore. This includes the principal component of around Rs. 6,800 crore plus interest.
 
The accused-defendents include seven individuals and nine group companies, and all are barred from disposing of, transferring, or entering into any transactions pertaining to the secured properties, the notice said.
 
They have been allowed time till January 15, 2019, to reply to the notice, failing which the PNB plea would be decided ex-parte.
 
Besides Nirav Modi, the notice has been slapped on his wife Ami, their children Rohin, Ananya and Apasha, his brothers Nehal Deepak Modi, Neeshal Deepak Modi, Deepak Keshavlal Modi and sister Purvi Mayank Mehta, at their last-known Mumbai addresses.
 
In the notice, nine companies, among them Stellar Diamonds, Solar Exports, Diamond RUS, Firestar International Ltd., Firestar Diamond International Pvt. Ltd., ANM Enterprises, NDM Enterprises, all based in Mumbai, besides the branches of some companies in Surat (Gujarat) and Japiur (Rajasthan) have been named.
 
In February, PNB had admitted to a massive fraud, which later climbed up to around Rs 13,600 crore, shaking the foundations of the Indian banking sector.
 
It revealed shocking details of how Nirav Modi and his uncle, Mehul Choksi, in connivance with some bank officials had duped the bank by issuing fraudulent Letters of Undertaking (LoUs) for the huge amount at PNB's flagship Brady House Branch in south Mumbai, since 2011.
 
The bank's plea before the DRT Mumbai came shortly after the InterPol issued Red Corner Notices (RCNs) against Nirav Modi and other accused in the case.
 
Later in August, a Special Court under the Fugitive Economic Offenders Act, issued summons to Nirav Modi and others in an Enforcement Directorate (ED) plea.
 
The ED and the Central Bureau of Investigation (CBI) have already raided 260 premises of the accused and non-bailable warrants of arrest are pending execution.
 
Barring some bank officials who have been arrested, all the other accused are still at large.
 
IANS
 

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Global cues, politics hit equity indices; banking stocks plunge

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Negative global markets along with caution ahead of the results of Assembly elections in five states and a rise in crude oil prices suppressed the key Indian equities indices during Monday's mid-afternoon trade session.
 
The key indices -- the S&P BSE Sensex and NSE Nifty50 -- had a gap-down opening and subsequently shed over 655 points and 205 points each on an intra-day low basis.
 
According to market observers, heavy selling pressure in banking, consumer goods, oil and gas and capital goods stocks along with continuous outflow of foreign funds accelerated the downward trajectory of the equity indices.
 
At around 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded lower by 166.40 points or 1.56 per cent to 10,527.30 points.
 
The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,204.66 points, traded at 35,133.23 points - lower by 540.02 points or 1.51 per cent - from its previous session's close of 35,673.25 points.
 
The BSE market breadth was bearish with 1,787 declines and 546 advances.
 
"Our markets have fallen in line with the other global markets which were down due to resurgence of US-China friction and rise in crude prices," HDFC Securities' Retail Research Head Deepak Jasani told IANS.
 
"Election results will be known on Tuesday. If the BJP does well compared to expectations in exit polls, then we could witness a minor relief rally. However, the overhang of negativity may still persist."
 
On Tuesday, the results of Assembly elections in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram will be declared. The elections are considered as a crucial indicator of public mood before the Lok Sabha elections next year.
 
Besides the election outcome, a rise in crude oil prices after the Organization of Petroleum Exporting Countries (OPEC) and Russia decided to go in for a production cut of 1.2 million barrels per day from 2019 might hinder the markets' attempts to arrest the fall.
 
Investors were also spooked due to fears of slowing global economic growth and an escalation in trade protectionist measures after the arrest of Huawei's Global CFO over alleged violation of US sanctions on Iran.
 
On the currency front, the Indian rupee weakened to 71.32 against the US dollar from its previous close of 70.81.
 
"Dollar-rupee opened higher, around 71.35 on spot, after exit polls suggested that BJP may lose three major states," said Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities.
 
"If exit polls are true, then it can increase the political risk premium on the rupee."
 
Last Friday -- the previous trade session -- bargain hunting and lower crude oil prices lifted the key Indian equity market indices by around 1 per cent.
 
Consequently, the NSE Nifty50 had ended higher by 93 points or 0.87 per cent at 10,693.70 points, whereas the Sensex closed at 35,673.25 points, up 361.12 points or 1.02 per cent.
 
IANS
 

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