MARKET ROUT CONTINUES AS USCHINA TRADE WAR INTENSIFIES

MUMBAI: The BSE benchmark Sensex on Tuesday tumbled by about 295 points to close at an over one-month low of 37,290.67 due to hectic selling in realty, PSU, power and banking counters amid flaring up of trade tariff tensions between the US and China and weakness in the rupee. The broader Nifty also cracked below the 11,300-mark. The domestic currency after remaining rangebound was quoting lower by 27 paise at 72.78 (intra-day) against the US dollar in late afternoon trade. Market sentiments were further dampened after US President Donald Trump on Monday announced imposition of new tariffs on an additional $200 billion worth of imports from China, escalating the trade war with the Asian giant. The 30-share Sensex opened on Tuesday on a somewhat better note at 37,660.19 and advanced to touch a high of 37,745.44 but later turned choppy and hit a low of 37,242.85 as selling pressure gathered momentum towards the fag-end, before settling 294.84 points, or 0.78%, down at 37,290.67. The Sensex had lost 505.13 points on Monday.

Rupee plunges to alltime closing low of 72.97 a dollar

MUMBAI: The rupee on Tuesday closed near the 73-mark, a new record low against the dollar, tracking losses in the local equity markets after US said it will impose fresh tariffs on China. A Bloomberg report that said Saudi Arabia is now comfortable with Brent rising above $80 as the global market adjusts to the loss of Iranian supply, also dampened sentiments. The rupee ended at an all-time low of 72.97 a dollar, down 0.63% from its Monday’s close of 72.51. The home currency opened at 72.60 per dollar and touched a low of 72.97. The

10-year bond yield closed at

8.14%, from its previous close of 8.098%. Bond yields and prices move in opposite directions. “There remain many negative risks to Inr—especially those that are global-led, but it is also clear that the government could step up actions if there is another round of significant INR depreciation/underperformance” Nomura Research on September 16 said.

SBI to auction eight NPAS to recover ₹3,900 crore

MUMBAI: The State Bank of India (SBI) has put eight non-performing assets (NPAS), or bad loan accounts, on sale to recover over ₹3,900 crore with the e-bidding auction process slated for later this month. In a notification last week, SBI asked interested asset reconstruction companies (ARCS) and financial institutions to conduct the due diligence of the listed accounts which cumulatively owe the bank over ₹3,900 crore. Interested bidders are required to submit their expression of interest on e-bidding for these accounts which is slated to be held on September 26. “In terms of the bank’s revised policy on sale of financial assets in line with the regulatory guidelines, we place these accounts for sale to ARCS/BANKS/NBFCS/FIS, on the terms and conditions indicated,” SBI said in the bid document. COMPILED FROM REPORTERS AND AGENCIES