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Sensex, Nifty volatile; rupee at 2-yr low, Reliance dips 2%


TheNewsInternational Team

1:50 pm Maggi woes:

The apex consumer court accepted the government’s Rs 640-crore suit against Nestle for its alleged unfair trade practices pertaining to Maggi instant noodles and posted the next date of hearing for September 30.

The bench of the National Consumer Disputed Redressal Commission, presided over by Justice JK Jain and Justice BC Mehta, also wanted to look into the findings of fresh test reports of the popular instant noodles by accredited laboratories.

“The court has sought fresh, sealed samples to be tested by accredited labs. Further course of action will be decided by the ministry (of consumer affairs),” Additional Solicitor General Sanjay Jain said after the preliminary hearing.

The Department of Consumer Affairs has alleged that Nestle by its “unfair trade practices” vis a vis Maggi instant noodles, by selling “defective and hazardous products” has caused injury to millions of consumers, which called for this class action suit.

1:30 pm Modi in UAE: Making an appeal to businessmen to invest in India, Prime Minister Narendra Modi assured them that India is a land of many opportunities.

“125 crore people of India are not a market but they are a source of great strength,” he said.

He claimed that India is one of the fastest growing economies of the world. “It is now commonly believed that India is one of the fastest growing economies. There are several opportunities of development in India. All leading institutions like IMF, World Bank and Moody’s agree that India is world’s fastest growing economy,” he said.

Modi also raised hopes about a bright for for Asia if India and UAE work together. “India’s growth potential and UAE’s strength together can make this Asia’s century,” he said.

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Heady wildswing is seen with the Nifty struggling to hold 8500. The 50-share index is down 47.85 points or 0.6 percent at 8470.70 while the Sensex is down 205.12 points or 0.7 percent at 27862.19.

SBI, GAIL, Tata Steel, Sun Pharma and Coal India are top gainers. Cipla, Hindalco, Vedanta, ONGC and Reliance are among major laggards.

The rupee dropped further by 21 paise to Rs 65.21 following sustained bouts of dollar demand from importers amid higher greenback overseas on the back of weak domestic equity market.

The domestic currency on Thursday had plummeted by 32 paise to 65.10 against the dollar, hitting its weakest level last seen in September 2013, as China further devalued yuan.

The rupee resumed lower at 65.12 per dollar as against last weekend’s level of 65.00 at the Interbank Foreign Exchange (Forex) market.

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