A string of negative factors weighed heavily on the market as both benchmark indices, S&P Sensex and CNX Nifty, came off their nearly 30-month highs and tumbled 2.9% and 3.3% respectively during the week.
Prime Minister Manmohan Singh on Friday urged Securities and Exchange Board of India (SEBI) to work towards rooting out insider trading and said the government was committed to doing the needful to strengthen the market regulator’s enforcement powers.
The Pension Fund Regulatory and Development Authority (PFRDA) declared the annual weighted average returns for the NPS investment funds on May 15.
Deepti Bhaskaran reports.
NPS performance
The rupee on Friday weakened further by 10 paise to 55.69 against the dollar in early trade on the Interbank Foreign Exchange due to appreciation of the US currency overseas.
Stocks zig-zagged up and down on the Bombay Stock Exchange on Friday, indicating a volatile mood after a rally this year stymied by concerns on a weakening rupee and uncertainties in the global environment and local corporate performance.
As Sebi celebrates its 25 years of existence, chairman UK Sinha says this has been an eventful journey for the capital markets regulator and it has created market infrastructures that are better than those in many other countries, including some most developed economies.
The BSE Sensex on Thursday plummeted 388 points, or 1.9%, to 19,674 on Thursday in line with nervous global markets after concerns that the US may scale down its bond-buying stimulus to inject money supply for growth. HT reports. Dollar-induced doldrums
The Indian government will be comfortable with a stable rupee exchange rate and there was no reason for the currency to be unstable, C Rangarajan, chief economic adviser to Prime Minister Manmohan Singh, said today.
The rupee slid to its lowest in over 8-1/2 months on Thursday, heading for a fifth consecutive session of falls, as worries about a potential pullback in the US monetary stimulus programme sparked a shift sway from riskier currencies.
The BSE Sensex today fell by over 131 points in late morning trade on continued selling pressure and heavy profit-booking in realty, capital goods, power, consumer durables and banking, amid bearish Asian cues.
In a strong investor response, the initial public offer of local search engine Just Dial, the largest offer by an Indian Internet company, was subscribed 11.63 times on the last of issue today.
The initial public offer of local search engine JustDial was over-subscribed by 1.94 times on the last of issue today.
The rupee snapped its initial gains to trade down by 4 paise at 55.45 against the dollar in late morning today deals following fresh demand of dollars from importers and some banks.
The BSE benchmark Sensex today rose by nearly 91 points in early trade on selective buying by funds in IT, banking and metal stocks amid positive global cues.
Gold prices today jumped sharply by Rs. 680 to Rs. 27,050 per ten grams in the bullion market in Delhi on heavy buying by stockists and retail customers amid a sharp rebound on the global front.