Category: BUSINESS

Halting its three-day winning run, the rupee plunged 76 paise Thursday to close at 69.17 against the US dollar after the RBI cut the interest rate but kept its monetary policy stance ‘neutral’.In its first bi-monthly policy review for this financial year, the central bank slashed the policy rate by 0.25 per cent for the second time in a row, following which the rupee and sovereign bond prices tumbled.At the Interbank Foreign Exchange (forex) market, the domestic currency opened lower at 68.56 per dollar and fell further to touch the…

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Indian equity benchmarks Sensex and Nifty extended their gains in early trade on Tuesday, tracking positive domestic and global cues.The BSE gauge Sensex opened at 38,988.57 and briefly crossed the psychological 39,000-level in early deals. It, however, slipped slightly and was last quoted at 38,929.48, 57.61 points or 0.15 per cent higher.Similarly, the NSE benchmark Nifty started at 11,711.55 and went on to breach the key 11,700-mark before paring some gains. It was last trading at 11,673.15, up 4 points or 0.034 per cent.The 30-share BSE index Monday settled at…

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The Reserve Bank of India (RBI) will unveil on Thursday its first bi-monthly monetary policy decision of this new fiscal.The RBI’s Monetary Policy Committee (MPC) will meet from April 2 to 4 for the first bi-monthly policy statement for 2019-20, the central bank said in a release Monday.”The resolution of the MPC will be placed on the website at 11.45 AM on April 4, 2019,” it said. Industry and experts are expecting that the banking sector regulator may cut the key lending rate — at which it lends to commercial…

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The BSE Sensex climbed over 127 points to finish at 38,672.91 Friday — the last trading day of fiscal 2018-19 during which the benchmark posted a rise of 17.30 per cent.The broader NSE Nifty closed at 11,623.90, capping off the financial year with a gain of 14.93 per cent.Investors’ wealth zoomed Rs 8.83 lakh crore during 2018-19, with the market capitalisation (m-cap) of BSE-listed companies reaching Rs 1,51,08,711.01 crore.Analysts attributed the continuing market rally to robust investor sentiment driven by foreign fund inflows, stronger rupee and a likely positive outcome…

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The rupee weakened marginally by 2 paise to close at 68.88 against the US dollar Wednesday amid strengthening of the American currency and robust selling in domestic equities. Forex traders said increased demand for the US currency from importers weighed on the rupee. However, sustained foreign fund inflows and easing crude oil prices cushioned the fall.At the Interbank Foreign Exchange (forex) market, the domestic currency opened lower at 68.98 a dollar but soon pared some losses. It finally settled at 68.88 per dollar, down 2 paise over its previous close.On…

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Benchmark Sensex rebounded about 425 points to end well above the 38,000-mark Tuesday, breaking its two-day falling streak on gains in heavy-weights RIL, SBI and ICICI Bank amid persistent foreign fund inflows and positive global leads.The broader NSE Nifty too inched closer to the key 11,500 mark.A stronger rupee also supported the rally. The rupee strengthened 19 paise to 68.77 against the dollar (intra-day).Markets commenced on a strong note largely in line with a firming trend at other Asian bourses but remained range-bound as investors were cautious. Buying activity gathered…

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The rupee ended almost flat at 68.96 per US dollar Monday as participants preferred to wait on the sidelines to see the outcome of RBI’s first-ever rupee-dollar swap auction. The forex market sentiment revived towards the fag-end, offsetting early losses amid increased selling of the greenback by exporters, traders said.At the Interbank Foreign Exchange market, the rupee opened on a weak note at 69.09 then fell further to 69.17 against the US dollar. The local unit, however, erased the initial gains and finished at Rs 68.96, down by just 1…

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The US will host a delegation from China led by Vice Premier Liu He early next month, following a trip by US officials to China in an effort to improve trade relations, the White House said Saturday.White House press secretary Sarah Sanders said President Donald Trump is sending US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing starting next week, joined by deputy US Trade Representative Jeffrey Gerrish and other senior Trump administration officials.Vice Premier Liu He and other Chinese officials meet with officials in Washington starting…

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Rising for the ninth straight session, market benchmark BSE Sensex rose over 119 points in early trade Friday led by gains in banking, metal and auto stocks amid sustained foreign fund inflow.Gains were, however, capped tracking Asian markets as investors turned cautious after the US Federal Reserve kept interest rates unchanged, experts said.The 30-share index was trading 119.52 points, or 0.31 per cent, higher to 38,506.27. The index began the session on a firm note at 38,452.47 and hit the session’s high of 38,526.71 on steady buying by foreign funds…

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Markets regulator Sebi Friday imposed a total penalty of Rs 27 lakh on four entities for indulging in fraudulent trade in illiquid stock options segment of BSE.Umapati Oil Mill and Ginning Factory, Yudhbir Chhibbar, Kasturbhai Mayabhai Pvt Ltd and Vimladevi Shyamsunder Khetan are the four entities, according to Sebi’s separate orders.After observing a large-scale reversal of trades in the BSE’s illiquid stock options segment, Sebi conducted a probe from April 2014 to September 2015.Following the probe, the regulator found that the trades executed by the entities were not genuine as…

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