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Sensex drops over 100 points on global selloff, profit-booking

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Mumbai | The benchmark BSE Sensex fell over 100 points in early session Tuesday, breaking its three-day winning run as metal, IT, realty and banking stocks retreated, tracking sell-off in the global market.

The 30-share index dropped 104.41 points, or 0.29 percent, to 35,670.47 points in opening trade. The gauge had rallied about 633 points in the previous three sessions. The NSE Nifty too fell 36.80 points, or 0.33 percent, to 10,726.60.

Brokers said besides a weak trend at other Asian markets amid sharp losses at the Wall Street, profit-booking by investors in recent gainers also dampened the sentiment here.

Meanwhile, signaling a temporary truce, the Reserve Bank and the government Monday agreed to refer to an expert committee for the contentious issue of appropriate size of reserves that the RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank. Yes Bank emerged as the worst performer in the Sensex pack, falling 4.95 percent after independent director Rentala Chandrashekhar resigned from the board Monday.

Other laggards include Tata Steel, SBI, Vedanta, Maruti Suzuki, TCS, HDFC, Wipro, Sun Pharma, Kotak Bank, NTPC, Hero MotoCorp, Bajaj Auto, L&T, Infosys, PowerGrid, Axis Bank and ITC, falling up to 1.80 percent. However, IndusInd Bank, Tata Motors, Adani Ports, Asian Paint, M&M, ONGC, Coal India and RIL were trading up to 1.55 percent higher.

According to provisional data, domestic institutional investors sold shares worth a net of Rs 310.26 crore, as foreign institutional investors (FIIs) bought shares to the tune of Rs 1,103.36 crore Monday.

Elsewhere in Asia, Hong Kong’s Hang Seng dropped 2.27 percent, Shanghai Composite Index fell 1.63 percent, Korea’s KOSPI fell 1.15 percent, Japan’s Nikkei shed 0.86 percent and Taiwan index declined 0.61 percent. The US Dow Jones Industrial Average ended 1.56 percent down, and NASDAQ fell over 3 percent Monday.

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Banks’ consortium considering Rs 500 cr interim funding to Jet Airways, says PNB chief

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New Delhi | A consortium of banks is considering an interim funding of Rs 500 crore for debt-laden Jet Airways but a final decision is yet to be taken, Punjab National Bank Managing Director Sunil Mehta said on Friday.

PNB is part of the lenders’ consortium, led by State Bank of India (SBI), that has extended loans to the airline.

The full service carrier is looking to raise funds and restructure its debt.

Regarding Jet Airways, Mehta said the consortium is looking at the entire process and something is being worked out.

“Of course, (the) consortium is in favour (of interim funding). It is a going concern and we would like to preserve its (airline’s) value,” he said.

About interim funding for the carrier, Mehta said, “it is too premature to tell you about that plan” and the bankers are already working on it.

The SBI has taken a lead on it, and let the entire plan be worked out, he said, adding that it would be too early to announce the timings.

“Rs 500 crore that you are talking about is the interim funding but banks are looking at the long term resolution of the issues for which the plan is already in place for discussions,” he noted.

He was responding to a query about the banks’ extending interim funding to Jet Airways.

On February 14, the board of Jet Airways approved a Bank-Led Provisional Resolution Plan (BLPRP), whereby lenders would become the largest shareholders in the airline.

Lenders are to convert part of the airline’s debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.

Later, appropriate interim credit facilities by domestic lenders would be sanctioned to the airline, as per a regulatory filing made on February 14.

The extraordinary meeting of Jet Airways shareholders was held on February 21 where various proposals were discussed. The results of the voting on the proposals would be released on Saturday.

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Rupee gains 2 paise to 71.22 vs US Dollar

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Mumbai | The rupee inched up 2 paise to 71.22 against the US dollar in early trade Friday amid a dip in crude oil prices and fresh foreign fund inflows.

At the Interbank Foreign Exchange (forex) market, the local unit opened almost flat at 71.23 and stayed in a narrow range. The rupee had skidded by 13 paise to close at 71.24 against the US dollar Thursday.

Foreign institutional investors (FIIs) net bought equities worth Rs 55 crore Thursday while domestic institutional investors bought shares to the tune of Rs 202 crore, provisional data showed.

Brent crude futures, the global oil benchmark, was trading 0.25 percent lower at USD 66.90 per barrel. The dollar index, which gauges the greenback’s strength against a basket of six currencies, traded flat at 96.60.

Meanwhile, the benchmark BSE Sensex fell 56.40 points, or 0.16 percent, to 35,841.95 in opening trade Friday.

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Rupee rises 9 paise to 71.02 vs US dollar

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Mumbai | The rupee darted up 9 paise to 71.02 against the US dollar in early trade on Thursday amid a reversal in foreign fund outflows even as oil prices hardened.

At the Interbank Foreign Exchange (forex) market, the domestic unit opened slightly higher at 71.06 and built on the gains to reach 71.02.  Snapping a four-session downturn, the rupee had appreciated by 23 paise to end at 71.11 against the US dollar Wednesday.

Foreign institutional investors (FIIs), who had been heavy sellers over the past few sessions, net bought equities worth Rs 713.47 crore on Wednesday, provisional data showed.  Brent crude futures, the global oil benchmark, was trading 0.24 percent higher at USD 67.24 per barrel.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.07 percent to 96.52. Meanwhile, the benchmark BSE Sensex climbed 19.16 points, or 0.05 percent, to trade at 35,775.42 in early trade Thursday.

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