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BSE Chairman refuses to comment on holding office

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BSE chairman S Ravi today refused to make a direct comment on his continuation in the post even after he was named by the CBI in its FIR in the Rs 600 crore IDBI Bank loan fraud case. “God is there,” Ravi said in his short reaction when asked if he will continue as the chairman of the country’s leading bourse.

The CBI had also named former Aircel promoter C Sivasankaran and his companies in the loan fraud case.

Ravi was in the city to take part in an interactive session on the stock market with members of Merchants’ Chamber of Commerce and Industry today.

Sources said BSE has not received any feedback yet on the suggestions sought from market regulator SEBI on the
issue. The bourse had appointed Ravi as the chairman of the board in November 2017.

This is the second case in which the CBI has also held the responsibility of bad loan on independent directors. Earlier, the agency had registered a case against Anil Razdan and two independent directors in Era Infrastructure Engineering loan default case.

During his deliberations, Ravi said corporate governance can be strong if the role between functional directors and independent directors is clear. He, however, did not elaborate on it. He said raising capital is going to be a constraint in future owing to geopolitics and role of data analytics, artificial intelligence and robotics in the financial sector would be immense.

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Sensex rises over 250 pts, Nifty reclaims 11,400 mark

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Mumbai | The benchmark Sensex staged a strong comeback in early trade today gaining over 250 points on widespread buying by participants in metal, realty and banking stocks after the US and China agreed to resume trade talks last night.

Taking positive cues from global equities, the 30-share index was trading higher by 262.91 points, or 0.69 percent, at 37,926.47. The index had lost 188.44 points in the previous session. The NSE Nifty reclaimed the 11,400 mark, by rising 62.15 points, or 0.55 percent, to 11,447.20.

All sectoral indices, led by metal, FMCG, realty, auto, banking, PSU, healthcare, infrastructure, power, capital goods, oil and gas and IT, recovered up to 1.38 percent.

Major gainers were Vedanta, Tata Steel, ITC, Yes Bank, Adani Ports, Tata Motors, Axis Bank, SDBI, ICICI Bank, RIL and Asian Paints, rising up to 2.13 percent

While, Wipro, Bharti Airtel, Bajaj Auto and HDFC were trading in the negative zone, falling up to 0.70 percent.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 133.78 crore while foreign portfolio investors (FPIs) sold shares worth a net of Rs 825.08 crore yesterday, provisional data showed.

Investor sentiment turned positive after the US and China agreed to resume trade talks last night, traders said.

Amid a stalemate in the trade war with the US, China will send a top official to Washington this month to resume the high-level dialogue to resolve the deadlock over President Donald Trump’s demand to drastically reduce the USD 375 billion trade deficit.

Elsewhere in Asia, Japan’s Nikkei rose 0.44 percent and Hong Kong’s Hang Seng was up 0.46 percent, while Shanghai Composite Index was down 0.39 percent.

US stocks rallied to close higher yesterday. The US Dow Jones Industrial Average ended 1.58 percent higher yesterday.

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Rupee plummets to historic low of 70.09 on Turkish lira collapse

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Mumbai  |  Reversing all its early gains, the rupee today collapsed to a lifetime low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.

The ongoing currency turmoil in Turkey has dampened investors’ sentiments globally. Investors are turning to the dollar as a safe haven with Turkeys currency lira crisis continuing since the last week.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.

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Rupee recovers from life low, up 23 paise

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Mumbai | The rupee recovered from all-time low of 69.91 and strengthened by 23 paise to 69.68 against the US dollar in opening trade at the interbank foreign exchange market today on some macroeconomic boost.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 percent, to a record low of 69.91 against the US currency amid fears that Turkish currency turmoil could turn out into global financial crisis.

In a ray of hope for domestic economy, latest data showed that retail inflation fell to 9-month low of 4.17 percent in July on declining vegetable prices which may prompt the Reserve Bank to pause interest rate hike in its next monetary policy review.

In the last two reviews, the RBI had raised the key repo rate by 0.25 percent each on inflationary concerns. The next bi-monthly policy is to be unveiled on October 5. Stock markets opening with gains also boosted the domestic currency, dealers said. However, the dollar’s strength against some currencies overseas capped the gains of the domestic unit.

Meanwhile, the benchmark BSE Sensex recovered 184.93 points, or 0.49 percent, to 37,829.83 points in early trade today.

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