UK CONFIRMS NIRAV PRESENCE, CBI MOVES FOR EXTRADITION
Authorities in the UK have confirmed that jewellery designer Nirav Modi is in that country, setting in motion the process to try him in India over his alleged role in the nearly ₹14,000-crore Punjab National Bank fraud.
MUMBAI : Market valuation of all listed companies on the B SE hit a lifetime high of ₹156.60 lakh crore on Monday, following strong gains in the benchmark Sensex, and closed at ₹156.55 lakh crore at the end of the day’s trade.
The previous peak in market cap was ₹156.56 lakh crore on 23 January.
Total market capitalization of all listed companies on the BSE rose 3.17% from the beginning of this year. In dollar terms, however, the market cap fell 5.6% to $2.24 trillion from the beginning of the year, Bloomberg data showed.
Supported by strong global cues, Indian benchmark indices were at a record closing high with the Nifty breaching the 11,500mark for the first time ever. The 50-share Nifty ended at 11,551.75 81.00, up 0.71%, while the Sensex rose 330.87 points or 0.87% to 38,278.75 points.
Most Asian share markets crept cautiously higher on Monday as investors awaited developments on the proposed Sino-US trade talks and the Chinese yuan rallying from alarming lows. MSCI’s broadest index of AsiaPacific shares outside Japan climbed 0.6%. Hong Kong’s Hang Seng index added 0.9%.
Moves were modest elsewhere with Shanghai blue chips barely changing and Japan’s Nikkei ending 0.3% lower in thin trade. Investors were also encouraged by news that China and the US will hold low-level trade talks this month, offering hope that they might resolve the escalating tariff war.
Reports suggested the talks in Washington will take place on 21-22 August, just before the US tariffs on $16 billion of Chinese goods take effect.
Deepak Jasani, head of retail research at HDFC Securities Ltd, said the markets were buoyant because the earnings season was better-than-expected, while the concerns over the crisis surrecent rounding Turkey’s economy and of a looming trade war have had limited impact on India.
(Reuters contributed to this story)