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Markets end 1.3% down for the week
Fri, 13 Dec Closing

Indian equity markets started the day on a negative note and continued this trend throughout the day before finally closing at day's low. Domestic sentiment was dampened as data released on Thursday showed that retail inflation surged to 11.24% in November against 10.17% in October. Also, factory output contracted to 1.8% in October. Declining factory output and rising retail inflation could push the Reserve Bank of India to institute another 25 basis points hike in its next monetary policy review on December 18. Banking and capital goods stocks were leading the pack of losers. While the BSE-Sensex closed lower by 210 points, the NSE-Nifty closed lower by 68 points. BSE Mid Cap and the BSE Small Cap closed on a negative note.

As regards global markets, Asian indices closed in the red. European indices have opened in the green. The rupee was trading at Rs 62.2 to the dollar at the time of writing.

The department of telecommunications (DoT) has issued the main document-notice inviting application (NIA)-to start spectrum auction from 23 January. The award of spectrum in 1800MHz and 900MHz band shall be conducted as a single process. The last date for submission of applications by interested companies is January 4. DoT will hold a pre-bid conference on 20 December and last date for companies to seek clarifications on rules stated in NIA is 28 December. According to the initial proposal, DoT had sought 60 days time to start auction from the date cabinet decides on the spectrum base price and the NIA was to be issued after 15 days of the decision. The DoT has, however, issued NIA within three days of cabinet putting its stamp on minimum price for two sets of 2G spectrum-1800 Mhz band and 900 Mhz. Together, the 900 MHz and 1800 MHz band airwaves are valued at aboutRs.486.8 bn.

State Bank of India (SBI) has fixed an issue price of Rs 1,782.7 a share for a preferential stock allotment to the government to raise Rs 20 bn as part of the capital infusion plan for this fiscal. The Executive Committee of the Central Board of the bank has given its approval for the issue price for each share with a face value of Rs 10. The additional funds will enable the bank to support national and international banking operations undertaken through its subsidiaries and associates.

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Feb 21, 2018 09:53 AM