State Bank of India, the nation's largest lender, has stopped processing transactions of Russian entities that have been sanctioned by the West over Moscow's invasion of Ukraine, sources said. To effect this, SBI has issued a circular as it fears that any transaction with entities or sectors under sanction will invite sanction on it as well, sources said. No transactions involving entities, banks, ports or vessels appearing on a US, European Union or United Nations sanctions list would be processed irrespective of the currency of the transaction, they said. Payments due to such entities have to be processed by other mechanism rather than through the banking channel, sources added.
Investors' wealth eroded by over Rs 4.90 lakh crore on Friday amid a sharp fall in equities. The 30-share BSE Sensex tanked 1,020.80 points or 1.73 per cent to settle at 58,098.92. During the day, it tumbled 1,137.77 points or 1.92 per cent to 57,981.95. The market capitalisation of the BSE-listed firms plummeted by Rs 4,90,162.55 crore to Rs 2,76,64,566.79 crore on Friday.
Fed keeps rates unchanged, sets up possible December hike
Analysts said any mass cancellation of the coal blocks could lead to a surge in imports and widen the trade deficit given the impact on domestic production.
In all, 37 central banks around the world have eased monetary policy so far this year to boost growth, fight deflation or both
Global rating agency S&P on Tuesday said even though the US and the Euro zone are headed to recession, India is unlikely to face the impact given the "not so coupled" nature of its economy with the global economy. "Indian economy is a lot decoupled from the global economy than we normally think of, given its large domestic demand, even though you (India) are a net importer of energy. "But you have enough forex reserves on one hand and your companies have managed to maintain healthy balance sheets," Paul F Gruenwald, S&P global chief economist and managing director, told reporters in Mumbai.
The external environment has worsened further. While the Finnish economy entered into a recession, Swedish economic growth also dipped. The Finnish gross domestic product (GDP) dropped 0.6 per cent in October-December, 2022. It was the second quarter of negative growth, which is a technical definition of recession.
Geopolitical climate and equity markets as supportive for gold's role as a risk hedge.
Getting out of the zero-rate armchair was overdue, and many in the market will be glad it has finally happened
The local currency dropped to 61.75 before concluding at 61.70, a loss of seven paise from its previous close.
Move 10 per cent of your portfolio to the yellow metal.
The rupee recovered from initial losses against the US dollar and was quoted barely steady at 61.91 on selling of the American currency by banks and exporters on good foreign capital inflows.
'India is possibly the most fiscally constrained market in the region.'
'Because it is the only public sector company in this sector, currently.'
A top-class board is important from a systemic point of view, more so at a time when the wider financial world and India Inc is chasing the same talent as banks.
Indian markets ended on a lower note after the stimulus announced by the European Central Bank (ECB) failed to meet expectation.
Greek Finance Minister Yanis Varoufakis announced his resignation on Monday, a day after Greeks delivered a resounding 'No' to the conditions of a rescue package.
Managing Brexit, inflation and banking reforms, along with the political environment, will be tough.
Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
FII investments, movement of rupee against dollar and crude oil to influence trading
Market participants are now awaiting Thursday's meeting of the European Central Bank
Traders are waiting for the earnings season to kick off.
A rate cut will bring positive sentiment around the Budget.
The rupee on Tuesday fell by 25 paise to 65.05 on fresh dollar demand from banks and importers despite persistent foreign capital inflows.
Greek proposals hailed as "a positive step forward".
'Investors hate uncertainty and the demonetisation move certainly creates that.'
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
Markets exhibited weakness throughout the day on negative cues from Asian and European markets. Weakness in banking stocks, along with metal and realty saw the markets extend losses in late noon trades.
BofA Securities has revised its year-end Nifty target from its earlier projection of 16,000 to 14,500 now - down over 6 per cent from the current levels. Fast tightening monetary conditions, slowing growth/fears of US recession and the likely Nifty EPS (earnings per share) cuts, BofA Securities said, are the key headwinds for the markets in the near-term. However, clarity on macro and monetary policy outlook in the US/India, it said, is the silver lining that could see markets bottom out by August/September 2022.
In Hong Kong market, the dollar fell against Japanese yen in early trade after the release of a set of stronger- than-expected economic data.
RBI Governor Raghuram Rajan will also participate in the meet.
'The assumed linear correlation between forced lower yields, higher bank borrowing from the RBI, higher lending, and higher growth involves leaps of faith, each a step on the quicksand of false beliefs,' warns Debashis Basu.
Gold slips by Rs 150 on low demand.
.jpg)
Bullion merchants said apart from sustained buying by jewellers and retailers to meet rising wedding season demand, a firming global trend mainly boosted the sentiment.
RBI director S Gurumurthy the package of more than Rs 20 lakh crore announced by the central government can be described as an interim measure.
Faster normalisation of central-bank balance sheets will drive yields higher.
Rupee rises against the dollar for 4th straight session.
Asian shares ended higher following a relief rally in global equities after centrist candidate Emmanuel Macron won the first round of the French presidential election.
Earnings growth, attractive valuations and change in FPI flows from negative to positive over the next 12 months are some of the key triggers for an upside. "A poor monsoon, high inflation and further rate hike are some of the key risks
A falling rupee and lower foreign buying in equities are signals investors should watch out for, says Devangshu Datta
