After reaching a low of 68.43 against the dollar a couple of weeks back, the rupee has strengthened against most currencies as potential RBI intervention and easing of oil prices have helped sentiments. The recent hike in repo rate by the RBI should have somewhat positive impact on the rupee.
Companies and Markets
Companies & Markets
The mid-cap mayhem resulting from Advanced Surveillance Mechanism measures levelled against select scrips may see collateral damage in the small-caps. Over the last year-and-a-half, mid-caps and small-caps have outperformed the market, but the worm has turned this year with the trajectory southwards.
THE country’s largest lender SBI will conduct auction of 12 non-performing accounts (NPAs) later this month to recover dues of over Rs 1,325 crore. The e-auction of these accounts will take place on June 25, according to an SBI notice.
The NPA accounts that have been put under the hammer include Ankit Metal & Power (Rs 690.08 crore), Modern Steels (Rs 122.61 crore), Good Health Agrotech (Rs 109.14 crore), Amit Cottons (Rs 84.70 crore) and Ind-Swift (Rs 80.49 crore).
State-run Bharat Sanchar Nigam (BSNL) has decided to borrow Rs 4,300 crore in the current financial year to fund capital expenditure plans.
THE market continued to remain volatile and in the first two days Sensex was down some 300 points, or close to 0.80 per cent. Strong rally on Wednesday and Thursday saw the indices not only recover but also close with weekly gains. On Tuesday, one also saw promoters of companies buying into their stocks. The Sensex gained 216.41 points, or 0.61 per cent, to close at 35,443.67 points while the Nifty gained 71.45 points, or 0.66 per cent, to close at 10,767.65 points.
Losses of public sector banks crossed a staggering Rs 87,300 crore in 2017-18, with Punjab National Bank accounting for nearly Rs 12,283 crore of this.
The Reserve Bank of India (RBI) has written to payment companies seeking details of their preparedness to comply with its April mandate to store all user data in servers located within India.
“Achhe Din Ayenge” — the promise on which the National Democratic Alliance (NDA) government came to power in 2014 is still a distant dream for the common man. This was revealed in the highly-rated ‘Consumer Confidence Survey’ of the Reserve Bank of India.
People are not buying the tall claims of the Narendra Modi government, which has a tough task on its hands in the one year before the elections to turn the apparent disillusionment among the people to hope.
The domestic market had pull back rally on the back of positive global cues. The S&P BSE Sensex rose 284 points or 0.81 per cent to settle at 35,463.08, the Nifty 50 index rose 83 points or 0.78 per cent to end at 10,768.35. Broader market also witnessed strong buying as the BSE Mid-Cap index rose 1.4 per cent, the BSE Small-Cap index rose 1.96 per cent. Both these indices outperformed the Sensex. The market breadth was strong as 1,961 shares rose and 747 shares fell on BSE.
Gold prices are expected to move up post the US Federal Reserve’s policy meeting next week. Physical demand from the two largest marketsIndia and Chinaare showing signs of recovery along with positive inflows into gold ETFs. Of late, gold has been trading lower as expectations of a US interest rate hike have been building up in the market due to stronger-than-expected US jobs data. Once the Fed meeting on June 12 and 13 ends, market expects gold to shed its weakness.