After trading on a volatile note throughout the day, share markets in India witnessed selling pressure during the closing hours and ended the day in the red. All sectoral indices traded in red, with stocks in the banking sector and realty sector leading the losses.
At the closing bell, the BSE Sensex stood lower by 279 points (down 0.8%) and the NSE Nifty closed down by 91 points (down 0.8%). The BSE Mid Cap index ended the day down 1.7%, while the BSE Small Cap index ended the day down by 3.0%.
The rupee was trading at Rs 72.25 against the US$ in the afternoon session.
Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 1.7% and the Shanghai Composite was up by 2.4%. The Nikkei 225 was up by 0.8%. Meanwhile, European markets were also trading on a positive note. The FTSE 100 was up by 1.1%. The DAX was up by 0.6%, while the CAC 40 was up by 0.7%
While the RBI denied the three-year extension approved by the bank, it has allowed Rana Kapoor to continue as the MD & CEO till 31 January 2019.In news from the banking sector, Yes Bank share price was in focus today. The stock of the company witnessed selling pressure after the Reserve Bank of India (RBI) denied its promoter and current CEO Rana Kapoor an extension to continue his term as the bank’s CEO.
This will be the second time when an Indian bank chief has failed to get an extension which was approved by shareholders. Earlier, Axis Bank’s chief executive Shikha Sharma was denied an extension request by the RBI. Another CEO of ICICI Bank-Chanda Kochhar is being probed for alleged irregularity in loan approvals.
Moving on to the news from the sugar sector, the Competition Commission of India (CCI) on Thursday imposed a penalty of Rs 380.5 million on sugar mills and their associations for rigging bids with regard to a joint tender floated by oil marketing cos for procurement of ethanol for blending with petrol.
