Top fi­nance of­fi­cial’s tweet hints Cen­tre, RBI set for fresh tus­sle

Hindustan Times (Jalandhar) - - FRONT PAGE - Re­mya Nair re­mya.n@livemint.com

NEW DELHI: The stage is set for an­other show­down be­tween the Re­serve Bank of In­dia (RBI) and the Union gov­ern­ment with the Cen­tre stick­ing to its ground on Fri­day.

Dis­cus­sions are un­der­way with RBI to de­cide the ap­pro­pri­ate eco­nomic cap­i­tal frame­work of the cen­tral bank, Sub­hash Chan­dra Garg, sec­re­tary of the depart­ment of eco­nomic af­fairs, said on Twit­ter.

The state­ment comes at a time when the gov­ern­ment and RBI are at log­ger­heads over a range of is­sues, in­clud­ing norms re­gard­ing weak banks, the liq­uid­ity prob­lem faced by non­bank­ing fi­nance com­pa­nies (NBFCs), as well as pres­sures on the cen­tral bank to trans­fer more of its sur­plus to the gov­ern­ment.

The meet­ing of the cen­tral board of RBI on No­vem­ber 19 is likely to be stormy .

MUM­BAI: Do­mes­tic bench­mark in­dices ended on a neg­a­tive note af­ter a choppy ses­sion on Fri­day amid weak global cues as the US Fed hinted at a rate hike next month.

The 30-share Sen­sex fell 79.13 points, or 0.22%, to close at 35,158.55. The broader NSE Nifty lost 13.20 points, or 0.12%, to end at 10,585.20.

Ac­cord­ing to an­a­lysts, mar­ket was range-bound due to weak global cues. In­vestors are also await­ing Con­sumer Price In­dex (CPI) data on Mon­day, which is ex­pected to come down slightly due to re­cent cut in fuel taxes and fall in oil prices.

Ad­di­tion­ally, up­com­ing state elec­tions will be a key trig­ger to mon­i­tor while fall in crude oil prices and bond yields along with ap­pre­ci­a­tion in ru­pee will pro­vide sup­port to the mar­ket, they added.

In the Sen­sex pack, Bharti Air­tel was the big­gest loser, fall­ing 2.45%, af­ter Moody’s In­vestors Ser­vice placed the com­pany’s rat­ing on re­view for down­grade fol­low­ing low lev­els of prof­itabil­ity and ex­pec­ta­tion of weak cash flow. Among top losers that dragged down key in­dices were In­fosys, Tata Con­sul­tancy Ser­vices, Reliance, State Bank of In­dia, Tata Steel and ITC, fall­ing up to 2.15%. On the other hand, Yes Bank was the top gainer on Sen­sex, ral­ly­ing 5.49%, fol­lowed by Asian Paints, Adani Ports, Sun Pharma, Hero Mo­toCorp, HUL and Maruti, ris­ing up to 3.79%.

Mid and small-cap shares out­per­formed larger peers as the BSE MidCap and Smal­lCap in­dices rose nearly 1% each.

Shares of avi­a­tion com­pa­nies gained due to soft­en­ing of crude oil prices. In­terGlobe Avi­a­tion and SpiceJet stocks rose up to 3%.

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