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Today on Market Wrap: 1. Rupee plunges to record low as current account deficit widens to 5-yr high 2. Axis Bank gains 5% on appointment of Amitabh Chaudhry as the MD & CEO 3. Tata Global Beverages up 5% on restructuring of international operations 4. Sensex cracks 468 pts, Nifty at 11,438 as rupee hits fresh low
The benchmark indices settle over 1 per cent lower on Monday as the rupee slipped to a new lifetime low of 72.67 per dollar. The S&P BSE Sensex ended at 37,922, down 468 points while the broader Nifty50 index settled at 11,438, down 151 points.
In the broader markets, the S&P BSE MidCap index fell 1.7 per cent, while the S&P BSE SmallCap index ended down 1.1 per cent. Among stocks, Reliance Industries (RIL) and ITC ended over 1.5 per cent lower.
The rupee also extended weakness to hit 72.50 per dollar for the first time ever earlier in the day. The domestic currency fell to a fresh record low of Rs 72.67 against the greenback, contributing to the weak sentiment.
The Indian rupee and bonds sunk after the current-account deficit widened to the most in five years, as an emerging-market rout raises investor scrutiny of countries with worsening balance of payments.
Axis Bank gained 5% to Rs 672 on the BSE early morning deals after the private sector lender on Saturday appointed Amitabh Chaudhry as Managing Director & CEO (MD& CEO) effective January 1, 2019.
Amitabh Chaudhry is currently the MD & CEO of HDFC Standard Life Insurance Company. He will take over from Shikha Sharma after she demits office on December 31, 2018. The stock ended 1%up at Rs 651 on the BSE.
Analysts see this as a positive for Axis Bank, as Mr. Chaudhry has a proven track record of successful leadership all through his career and will bring more emphasis on risk/compliance management and corporate governance.
Shares of Tata Global Beverages was up 5% to Rs 235 on the BSE in intra-day trade after the company said it has restructured its international operations in order to unlock synergies for the business, optimize costs and streamline operations.
in a regulatory filing Tata Global Beverages said The company has restructured its international operations by merging its businesses in Canada, America and Australia (CAA) and the UK, Europe, West Asia and Africa (EMEA) regions into a single unit called the International Business Division
The Tata Group firm has also exited non-core and sub-scale markets to focus on core markets. In Russia, the company has restructured its operating model, it has divested its stake in plantations in Sri Lanka, and exited its joint venture business in China.