Top 10 Business, Markets News In Under 5 Minutes: BQuick On Feb. 24
Here’s a roundup of the day’s top stories in brief.
1. After NSE Outage, Nifty Rallies In Extended Trading Session
In a rare move, India’s two national stock exchanges extended trading hours after the National Stock Exchange of India of India Ltd. halted trading at 11:30 a.m. due to issues with telecom links.
Markets shrugged off the confusion. Benchmark indices rose sharply gaining the most in three weeks. The S&P BSE Sensex closed 2% higher while the NSE Nifty 50 ended 1.9% up.
2. NSE Glitch: The Fallout
The Securities and Exchange Board of India pulled up NSE and asked it to submit a report on the root cause analysis of the trading halt. The market regulator asked India's largest exchange to explain why trading was not migrated to a disaster recovery site.
Yet, one’s loss became another’s gain. Trading turnover on BSE Ltd. surged after the disruption, with volume hitting almost eight times of the daily average.
3. Private Banks Get A Government Boost
The central government on Wednesday decided to widen the scope for private banks to undertake government business. While some private banks already had a share of government business, it was limited to a few large lenders. Now all banks can participate.
4. Modi's Privatisation Mantra
Prime Minister Narendra Modi made a strong case for the government’s new privatisation policy, saying it is moving ahead with a mantra of ‘monetise and modernise.’
5. India To Open Private Vaccine Market For Elderly
India will start vaccinating people over the age of 60 and those above 45 who suffer from co-morbidities starting March 1, allowing the partial opening of a private market for shots.
6. ReNew Power Takes The SPAC Route
India’s biggest renewable power producer has agreed to merge with blank-check company RMG Acquisition Corp. II. The deal will give Goldman Sachs Group Inc.-backed ReNew Power an enterprise value of $8 billion.
7. Banned Broker Karvy’s Demat Accounts Have A New Home
Axis Securities Ltd. and IIFL Securities Ltd. have won bids to acquire trading and demat accounts held by Karvy Stock Broking Ltd.
7. Crypto: RBI's 'Major Concerns'
The Reserve Bank of India is concerned that cryptocurrencies may impact financial stability in Asia’s third-largest economy, a view that could shape looming regulations on the asset that is breaking price-records around the world.
9. Card Payments: Convenience Or Security?
RBI’s soon-to-be-implemented rules on storage of credit and debit card customer data have prompted a familiar debate as retailers argue that the new rules will inconvenience customers, while others say they reduce the risk of a data breach.
10. India Inc.'s 'Imminent Risk'
31 corporates, comprising 46% of the free-float weighted market cap within the Nifty, are exposed to commodity risks, according to BofA Securities.