The benchmark stock indices have bounced back with gains this morning after yesterday’s sharp fall.
Join us as we follow the top business news through the day.
Recovery after Covid-19 crisis faster than one after 2008 crisis
Sensex rallies 432 pts on F&O expiry; financial stocks shine
A strong comeback for stocks after yesterday’s fall.
PTI reports: “Equity benchmark Sensex rallied 432 points on Thursday, tracking gains in banking and financial stocks as the November series derivatives expired amid largely positive cues from global markets.
After a volatile session, the 30-share BSE index ended 431.64 points or 0.98 per cent higher at 44,259.74.
Similarly, the broader NSE Nifty surged 128.60 points or 1 per cent to 12,987.
Tata Steel was the top gainer in the Sensex pack, rising around 5 per cent, followed by Bajaj Finance, Bajaj Auto, HDFC, HCL Tech and Titan.
On the other hand, Maruti, ONGC, IndusInd Bank and Tech Mahindra were among the laggards.
Domestic equities witnessed sharp recovery led by sharp rebound in banking, financial services and insurance (BFSI) stocks and metals.
BFSIs continued to be a key driving force for the market, said Binod Modi, Head- Strategy at Reliance Securities.
“Improved prospects of earnings recovery in the backdrop of improvement in collection efficiencies, better outlook for credit costs and possibility of reversal of provisions due to resolution of select large accounts along with better valuations attracted investors in BFSIs,” he noted.
Heavy buying sentiment was also seen as November derivative contracts expired, traders said.
Elsewhere in Asia, bourses in Shanghai, Tokyo, Hong Kong and Seoul ended with significant gains.
Stock exchanges in Europe, however, began of a tepid note.
Meanwhile, Brent crude futures, the global oil benchmark, was trading 1.32 per cent higher at USD 47.89 per barrel.”
Capital account convertibility will continue to be a process, rather than an event: RBI Guv
The RBI Governor on a long-pending reform.
PTI reports: “India will continue to approach capital account convertibility as a process rather an event , Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday.
The central bank chief said the capital account is convertible to a great extent at present and enumerated the specifics on both inward and outward flows which are allowed.
It can be noted that capital account convertibility is a very sensitive subject as it deals with liberalisation of capital transactions into and out of a country. India, which started opening up on this front with the reforms of the early 1990s, is partially convertible right now with caps and other restrictions.
Capital account convertibility will continue to be approached as a process rather than an event, taking cognisance of prevalent macroeconomic conditions, Das said, speaking at an event organised by the Foreign Exchange Dealers’ Association of India (FEDAI).
He added that a long-term vision with short- and…
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