The Securities and Exchange Board of India (Sebi), the market regulator, has said, in a submission to the Supreme Court, that it is "enquiring" into the allegations made by American short-seller Hindenburg Research against the Adani Group of companies and its impact on the markets. In the same matter, the central government has agreed to form an expert committee to strengthen the regulatory regime in order to ensure that market investors are protected. The Supreme Court had last week suggested an expert committee to look into the allegations and had asked the Centre for its response.
The Indian currency resumed lower at 61.50 per dollar as against the last closing level of 61.46 at the Interbank Foreign Exchange Market.
Forex dealers will keenly watch, instead, if the central bank indicates more measures to stabilise the currency or gives a timeframe for its current action.
'India-China economic ties are likely to take a hit in the wake of the new situation, but that also provides India with a new opportunity to strengthen its manufacturing base,' points out Dr Rajaram Panda.
RBI Governor Raghuram Rajan expressed anguish at the banks' reluctance to pass on benefits of the earlier rate cuts.
When the Tatas re-boarded Air India on January 27 last year, the price of aviation turbine fuel was at over Rs 80,000 per kilolitre. Rupee was trading at around Rs 74 to a US dollar. The Omicron variant of Covid-19 was in prevalence - barely a week earlier, India had reported over 340,000 cases on a single day. Seven-day home quarantine of international travellers was the norm.
Lack of clarity over long-term commitments by states for buying RE acting as a dampener.
Currently, non-residents visiting India are not allowed to take out any Indian currency while leaving the country.
ICICI Bank was the top gainer in the Sensex pack, rising around 3 per cent, followed by Axis Bank, HDFC twins, SBI, L&T, ONGC and Infosys. On the other hand, Sun Pharma, Asian Paints, Nestle India, UltraTech Cement and HUL declined. NSE Nifty rose by 79.60 points or 0.67 per cent to 11,914.20.
Foreign direct investment (FDI) in India declined by about 15 per cent to $12.6 billion (Rs 74,971 crore) during April-October this year, Parliament was informed on Wednesday.
Communications between the USTR and the world's most powerful pharmaceutical and trade lobbying groups reveal that many raised concerns about India's push to exempt Covid vaccines from intellectual property.
A higher opening in the domestic equity market influenced uptrend.
Sharp swings likely in equity, forex and bond markets.
Over the past week, the Sensex and the Nifty continued the bull-run
Of the 52 economists polled, 50 expect the policy repo rate to remain at 7.25 per cent, and 47 of 48 respondents see the cash reserve ratio, or the portion of deposits banks have to maintain with the central bank, unchanged at 4 per cent.
The rupee on Tuesday gained 14 paise to close at 61.88 against the dollar.
'But he was very quick and did a very stylish adab.' 'Of course, I didn't expect him to hug.'
Dhawal Dalal, executive vice-president & head, fixed income, DSP BlackRock Investment Managers, expects the central bank to hold rates for the rest of calendar year 2016.
Failure to recognise the threat of India's IP abuse is a major step back: Congressman Orrin Hatch.
The fourth consecutive rate cut is expected to lower equated monthly instalments (EMIs) for home and auto buyers, and borrowing cost for corporate.
The Bank Nifty is high beta anyhow and it could move the broader market.
Domestic shares and other global markets rose on upbeat trade data from China earlier in the day and after a US House deal extending the federal borrowing authority.
The BSE Sensex and Nifty fell more than 2 per cent on Tuesday, heading for their biggest daily loss since the midst of the rupee crisis in 2013
"We foresee a very intensive engagement during the day that will culminate in the summit," the MEA spokesperson said.
Heavyweights such as Coal India, L&T and SBI ran up losses, taking cues from overseas markets.
By no means do economists see the Reserve Bank of India stop at just a 25-bp cut. Some of the economists such as Soumyakanti Ghosh of State Bank of India are of the firm view that rates have room to fall by a total of 75 bps in the current financial year, starting with 25 bps in the August 7 policy.
The 30-share Sensex closed down 115 points at 28,444 and the 50-share Nifty ended down 31 points at 8,524.
A rate cut will bring positive sentiment around the Budget.
Never before has the need for creating an ambience for economic policy reforms been as critical as it is now, points out A K Bhattacharya.
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The broader consensus was that the Fed would cut the monthly stimulus of $85 billion by $10-15 billion.
Multinational organizations including PepsiCo and industry associations like IPA, have come in favour of India's intellectual property regime, which is being reviewed by the US administration.
The BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 0.8%.
Last November, a lawyer for Future Retail Limited (FRL) told Delhi high court that Amazon is interfering with its lawful business and thousands may lose their jobs and FRL may go bankrupt. Senior advocate Harish Salve, who appeared for FRL, likened Amazon to East India Company. Senior advocate Gopal Subramanium, who represented Amazon, told the Future counsel to keep the "East India Company" rhetoric aside, as Amazon has invested $6.5 billion all over India and created 900,000 jobs. This drama played out in the case in which Amazon has challenged Future's $3.4-billion deal with Reliance, alleging the retailer's deal breached an agreement with the American e-commerce firm.
Expressing disappointment over the hike in repo rate by the RBI, India Inc on Friday said a rate cut by the bank would have helped ameliorate sentiments as businesses are "reeling" under a tight liquidity crunch due to high cost of capital.
The rupee fell sharply by 32 paise at 66.37 against the US dollar in early trade on Tuesday.
India's current account deficit is expected to deteriorate in the current fiscal on account of costlier imports and tepid merchandise exports, according to the Finance Ministry's monthly economic review. The review released on Thursday by the ministry also said that global headwinds would continue to pose a downside risk to growth as crude oil and edibles, which have driven inflation in India, remain major imported components in the consumption basket. For the present, it said, "their global prices have softened, as fears of recession have dampened prices somewhat. This would weaken inflationary pressures in India and rein in inflation."
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
No stock on BSE Sensex ended in red while only 3 stocks in the broader Nifty50 index settled the day negative
Forex dealers said besides increased selling of the American currency by exporters and banks, a higher opening in the domestic equity market and the dollar's weakness against other currencies overseas supported the rupee.
