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Sensex, Nifty maintain uptrend; OBC, DRL fall post Q2 nos

13:00

The News International Team

1:50 pm Black money: The Narendra Modi government has submitted a list of names of 627 black money account holders to the Supreme Court. The list has been submitted in a sealed envelope and it remains to be seen whether it will be made public. The list comes a day after the Supreme Court pulled up the Centre and asked it to reveal names of all foreign account holders by Wednesday. The court had said that Special Investigation Team (SIT) will investigate black money and not the government. Finance Minister Arun Jaitley had issued a statement saying that the government will submit all the names and that the probe should be done without offending countries that are helping India on the matter.

1:30 pm Interview: Former bankers, who have served India’s largest public sector bank, have found reason to believe the new selection process of PSU bank chiefs is quite a clone of existing one, which has recently been scrapped by the Centre. In an interview to CNBC-TV18, former State Bank of India chiefs – AK Purwar and Diwakar Gupta, said the new selection process suggested so far is also susceptible to malpractices. Both of them support a longer tenure for the banking chiefs. “Having short tenure stands to be a major problem for banks that may be not remedied in the near-term, ” says Purwar who once served as chairman of SBI. They also advocate the need for each bank to have its own Executive Director and CMD, handpicked by a professional board.

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The market maintains its uptrend with support from global cues. The Sensex is up 148.73 points at 27029.55 and the Nifty is up 37.05 points at 8064.65. About 1473 shares have advanced, 1225 shares declined, and 101 shares are unchanged.

Hindalco, Tata Motors, M&M, Tata Steel and Infosys are top gainers in the Sensex. Among the losers are, BHEL, GAIL and Sun Pharma.

Dr Reddy’s is under pressure on disappointing September earnings. Its topline missed estimates while margins declined on account of higher R&D spends. Oriental Bank of Commerce falls 4 percent on deteriorating asset quality in Q2.

The US Federal Reserve is expected to shutter its bond-buying programme, closing one controversial chapter in its crisis response even as it struggles to manage a full return to normal monetary policy.

The Fed is likely to announce at the end of a two-day meeting that it will no longer add to its holdings of Treasury bonds and mortgage-backed securities, halting the final USD 15 billion in monthly purchases under a program that at its peak pumped USD 85 billion a month into the financial system.

An important symbolic step, the end of the purchases still leaves the Fed far from a normal posture. Its balance sheet has swollen to more than USD 4 trillion, interest rates remain at zero, and, if anything, recent events have increased the risk the US central bank may need to keep propping up the economy for longer than had been expected just a few weeks ago.

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