A stockbroker studies share prices on his computer screens at Shore Capital Markets in London, U.K. (Photographer: Chris Ratcliffe/Bloomberg News)

Sensex, Nifty Gain For Third Day As Inflation Cools To 17-Month Low

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Indian Oil Board Approves Share Buyback Plan

Indian Oil's board approved share buyback of up to 297.7 million shares at Rs 149 per share.

  • Indian Oil to spend Rs 4,435 crore on share buyback plan
  • Board sets Dec. 25 as record date for buyback and dividend
  • Stock closed at 0.96 percent higher at Rs 137.40

Closing Bell: Sensex Rises 150 Points As Inflation Cools To 17-Month Low

Indian equity benchmarks rose for third day in a row after inflation fell to its lowest in 17 months in November as food prices continued to decline and lower crude costs brought down fuel inflation.

The S&P BSE Sensex rose 0.42 percent or 150.57 points to 35,929.64 and the NSE Nifty 50 Index climbed 0.5 percent or 54 points to 10,791.55.

Investors sentiment got a boost as slower-than-estimated inflation may enable the new central bank governor to reverse an interest-rate increase cycle.

Reserve Bank of India’s new Governor Shaktikanta Das stoked speculation of interest-rate cuts saying inflation was “benign” and emphasised that supporting economic growth was within the ambit of the RBI, his comments came after market hours yesterday.

Sixteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Consumer Durables Index’s 1.4 percent gain. On the flipside, the S&P BSE Metal Index was top loser, down 0.7 percent.

Yes Bank Extends Decline On Selecting New Part-Time Chairman

Shares of the Mumbai-based private lender fell as much as 7.66 percent, the most since Nov. 29, to Rs 172.30.

Yes Bank Ltd.'s board has chosen a new non-executive, part-time chairman, the lender said in a filing to the exchanges, without mentioning the name.

The bank will now seek requisite approvals from the Reserve Bank of India, it said in a statement.

The board members at today's meet included two newly independent directors TS Vijayan and Uttam Agarwal. This leaves only one vacancy on the board after three members left the board over the last month citing governance issues.

As for a replacement for Chief Executive Officer Rana Kapoor, the lender has shortlisted names and will submit the final recommendation to the central bank after the next board meeting on Jan. 9, 2019.

Yes Bank Falls After Block Deal

  • Yes Bank has 19.5 lakh shares change hands on the NSE. Stock down 2.8 percent at Rs 181.40.

Buyers and sellers were not immediately known

Source: Bloomberg

Banks Said To Seek Easier Liquidity, Bad Loan Rules In RBI Meet

State-run bank chiefs demanded an easing in norms related to bad loan recognition and the so-called prompt corrective action framework in their first meeting with the new Reserve Bank of India Governor Shaktikanta Das, Bloomberg reported citing people familiar with the matter.

  • Lenders also demanded boost in liquidity to ease a funding crunch for non-bank financiers, the people said asking not to be named as the information is not public.
  • Governor Das met heads of State Bank of India, Punjab National Bank, Union Bank, Central Bank of India, Bank of India and Dena Bank at the central bank office today.