Shiv Sena firebrand leader Sanjay Raut hit out at the central government in Rajya Sabha over country's economic condition, saying that the centre has put out a sale of Air India, Indian Railways, Life Insurance of Corporation since the Reserve Bank of India has gone bankrupt. "Country's economic condition is very serious. The situation is such now that GDP and RBI have gone bankrupt. So the government has put Air India, Railways, LIC and many other assets on sale in market. And Jawaharlal Nehru Port Trust has been added in this list," Raut said in Parliament on September 17.
The Reserve Bank of India left the repo rate unchanged at 4% and reverse repo rate at 3.35%. RBI Governor Shaktikanta Das also said that they would maintain an accommodative stance in view of the Covid pandemic. Repo rate is the rate at which the RBI lends to commercial banks, and reverse repo is the rate at which it borrows from them. The Central bank also decided to allow lenders to provide a restructuring facility on some loans that were standard as on March 1, 2020. 'Real GDP growth in the first half of the year is estimated to remain in the contraction zone. For the year 2020-21 as a whole, real GDP growth is also estimated to be negative,' the RBI Governor said. Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard, Das added. The governor also raised the loan-to-value ratio against gold to 90% from current 75%, to mitigate COVID-19 impact on households. Watch the full video for all the takeaways from the RBI monetary policy announcements.
Credit: HT Digital Content Duration: 06:03Published
Equity benchmark indices wiped out early gains and closed in the negative terrain on Wednesday after a volatile trading session. At the closing bell, the BSE S-P Sensex was down by 66 points or 0.17 per cent at 37,668 while the Nifty 50 lost by 22 points or 0.2 per cent at 11,132.Most sectoral indices at the National Stock Exchange were in the negative zone with Nifty pharma losing by 1.6 per cent, PSU bank by 1.5 per cent and metal by 0.4 per cent. Among stocks, Bharti Infratel shed 8.2 per cent to close at Rs 165.50 per share while Bharti Airtel lost by 8.1 per cent and wound up the day at Rs 432.50.The other prominent losers were Tata Steel, IndusInd Bank, NTPC, Tata Consultancy Services, ONGC and Adani Ports.
Equity benchmark indices traded lower during early hours on September 22 while Asian markets opened weak after the sharp pullback overnight in US stocks. At 10:15 am, the BSE S-P Sensex was down by 301 points or 0.79 per cent at 37,733 while the Nifty 50 moved lower by 66 points or 0.59 per cent at 11,184. All sectoral indices at the National Stock Exchange were in the negative terrain with Nifty realty dipping by 4.6 per cent, PSU bank by 3.2 per cent, metal by 2.9 per cent and auto by 2.3 per cent. Among stocks, energy major GAIL was the top loser after sliding 4.9 per cent to Rs 83.85 per share. Adani Ports fell by 4.5 per cent and Tata Motors by 4 per cent. Tata Steel, Hindalco, ONGC, Bajaj Finance, Zee Entertainment and Bharti Infratel too traded lower by over 3 per cent. However, Tata Consultancy Services and ICICI Bank were in the green with thin margins. Meanwhile, Asian markets opened weak even after the sharp pullback overnight in US stocks. Investor sentiment took a hit with possible delays in expanded US stimulus. The undertone remained cautious as Europe sees some countries lockdown for the second time as COVID-19 cases jump which could hurt economic activity. Hong Kong shares of HSBC and Standard Chartered fell more than 2 per cent each as global banking stocks remained under intense pressure on reports about financial institutions allegedly moving illicit funds. MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.5 per cent. Hong Kong's Hang Seng index was down by 0.5 per cent while Japanese markets were closed for a public holiday.
Equity benchmark indices witnessed a sharp downswing during the afternoon session on Monday with across-the-board sell-off amid weak global cues. In Asian markets, the sell-off was triggered after the International Consortium of Investigative Journalism (ICIJ) reported on top-secret suspicious activity reports worth more than 2 trillion dollars.Between 2010 and 2017, several banks helped facilitate transactions red-flagged by the Treasury Department's Financial Crimes Enforcement Network (FinCEN) for suspected money laundering, terrorism, drug dealing and financial fraud.That led to a meltdown on Indian bourses as well with banking stocks taking a hit. The BSE SandP Sensex closed 812 points or 2.09 per cent lower at 38,034 while the Nifty 50 moved lower by 283 points or 2.46 per cent at 11,222.
Equity benchmark indices traded flat during early hours on Sep 21 following Asian peers as investors awaited developments on the US fiscal stimulus and coronavirus vaccines. At 10:15 am, the BSE S-P Sensex was down by 55 points or 0.13 per cent at 38,791 while the Nifty 50 moved lower by 9 points or 0.08 per cent at 11,496. Except for Nifty IT which jumped by 1.7 per cent, all sectoral indices at the National Stock Exchange were in the red with Nifty realty dipping by 0.9 per cent, auto by 0.8 per cent and FMCG by 0.7 per cent.
Equity benchmark indices traded higher during early hours on Friday amid mixed cues from their Asian peers. At 10:15 am, the BSE S-P Sensex was up by 136 points or 0.35 per cent at 39,115 while the Nifty 50 moved up by 56 points or 0.48 per cent at 11,576. Except for Nifty FMCG, all sectoral indices at the National Stock Exchange were in the green with Nifty pharma gaining by 3.8 per cent, realty by 0.9 per cent and auto by 0.7 per cent. Among stocks, Dr Reddy's Laboratories jumped by 4.6 per cent to Rs 5,051.20 per share after the company said it has settled its patent litigation with Celgene for the latter's cancer drug capsules. Cipla ticked up by 5.4 per cent and Sun Pharma by 3 per cent while Oberoi Realty advanced by 2.4 per cent. Eicher Motors, Adani Ports, Tech Mahindra and Wirpo traded with a positive bias. FMCG stocks fell with Hindustan Uniliver slipping by 1.4 per cent, Nestle India by 0.3 per cent and Britannia by 0.2 per cent.