Weak rupee, global cues depress equity indices; rupee ends below 69 per dollar
Mumbai, July 19: Depreciation in the Indian rupee and domestic political uncertainty subdued the key Indian equity indices on Thursday.
In a major development, the rupee breached the 69 per dollar mark during the day, eroding investor sentiments in the equity market.
According to market analysts, decline in the major global markets also weighed on the Indian indices.
Index-wise, the wider Nifty 50 on the National Stock Exchange closed at 10,957.10 points, lower by 23.35 points and 0.21 per cent from the previous close of 10,980.45 points.
The barometer 30-scrip BSE Sensex, which had opened at 36,509.08 points, closed at 36,351.23 points -- lower by 22.21 points or 0.06 per cent -- from its previous session's close of 36,373.44 points.
It touched an intra-day high of 36,515.58 points and a low of 36,279.33 points. The BSE market breadth was bearish with 1,802 declines against 791 advances.
"Market was range bound with a negative bias due to weakening rupee on account of surge in dollar index and ongoing trade spat," said Vinod Nair, Head of Research at Geojit Financial Services.
The rupee ended at 69.05 per dollar, weakening by 42 paise, from the previous close of 68.63 per greenback.
Nair further said that global cues are not clearly supporting domestic market direction and trade tensions between the US and other major economies are keeping investors on edge.
HDFC Securities' Head of Retail Research at Deepak Jasani said investors seemed to be "cautious ahead of a parliament debate on Friday, July 20, 2018 about a no-confidence motion" against the current NDA government.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth just Rs 315.69 crore and the domestic institutional investors bought stocks worth Rs 470.02 crore.
Sector-wise, the S&P BSE consumer durables index gained the most, by 194 points, followed by the FMCG index, up 58.32 points and the energy rose by 27.30 points.
On the contrary, the S&P BSE capital goods index declined by 316.94 points, the healthcare index was down 170.96 points and the banking index fell by 115.35 points.
The major gainers on the Sensex were Bharti Airtel, up 2.45 per cent at Rs 345.05; Vedanta, up 2.21 per cent at Rs 208.30; Yes Bank, up 1.93 per cent at Rs 391.20; ITC, up 1.71 per cent at Rs 272.90; and Adani Ports, up 1.39 per cent at Rs 369.15 per share.
The top losers were Kotak Mahindra Bank, down 3.69 per cent at Rs 1,350.25; Larsen and Toubro, down 2.61 per cent at Rs 1,255.55; Hero MotoCorp, down 1.22 per cent at Rs 3,458.90; Tata Steel, down 0.98 per cent at Rs 499.75; and Coal India, down 0.95 per cent at Rs 261.50 per share.
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Excise policy cases: SC agrees to hear Sisodia's pleas seeking relaxation of bail conditions
New Delhi (PTI): The Supreme Court on Friday agreed to hear AAP leader Manish Sisodia's pleas seeking relaxation of bail conditions which require him to report to the investigating officer on every Monday and Thursday in the corruption and money laundering cases related to Delhi excise policy.
A bench of Justices B R Gavai and K V Viswanathan issued notices to the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) seeking their responses on Sisodia's applications.
On August 9, the apex court had granted him bail in the corruption and money laundering cases linked to the alleged Delhi excise policy scam, saying long incarceration for 17 months without trial had deprived him of his right to speedy trial.
The apex court had imposed conditions, including that he shall report to the investigating officer on every Monday and Thursday between 10-11 am.
During the hearing on Friday, senior advocate Abhishek Singhvi, appearing for Sisodia, said the Aam Aadmi Party (AAP) leader has appeared before the investigating officers 60 times.
"I (Sisodia) am a respectable person," the senior advocate said.
Singhvi said that similar condition was imposed by the apex court on other accused in the case.
"The same ED has given no objection to all other accused," he said.
The bench said, "On the next date, we will clarify it."
"Issue notice, returnable two weeks," the top court said.
The former Delhi deputy chief minister was arrested by both the CBI and the ED in corruption and money laundering cases linked to the alleged Delhi excise policy scam.
He was arrested by the CBI on February 26, 2023 for purported irregularities in the formulation and implementation of the now scrapped Delhi excise policy 2021-22.
The following month, the ED arrested him in the money laundering case stemming from the CBI FIR on March 9, 2023. He resigned from the Delhi cabinet on February 28, 2023.
In its August 9 verdict granting bail to Sisodia in both the cases, the apex court had said it was high time that the trial courts and the high courts should recognise the principle that "bail is rule and jail is exception".
"We find that, on account of a long period of incarceration running for around 17 months and the trial even not having been commenced, the appellant (Sisodia) has been deprived of his right to speedy trial," it had said.
The top court had directed him to furnish a bail bond of Rs 10 lakh with two sureties of the like amount.
It had directed that Sisodia shall surrender his passport with the special court and not make any attempt either to influence the witnesses or to tamper with the evidence.
The apex court had set aside the May 21 verdict of the Delhi High Court, which had dismissed Sisodia's pleas seeking bail in both these cases.
The ED and the CBI had opposed his bail pleas.
