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BSE Sensex and Nifty 50 shares of NSE traded lower on Monday. Photo: PTI
- Mumbai: BSE Sensex and NSE Nifty 50 fell for the fourth straight session on Monday, as shares of Bandhan Bank and Kotak Bank declined after the RBI punished Bandhan Bank for failing to comply with shareholding rules. Bandhan Bank and Kotak Bank shares fell by 20% and 12% respectively. The FII sold a net amount of 1,699.94 crore shares on Friday, while the DII bought shares worth 3,256.34 crores, according to provisional data. Shares in Asia traded in a holiday-affected start to the week, with Labor Day in Australia, Hong Kong and China until October 7. US equity futures and the Canadian dollar rose. treat. Brent crude oil prices reached their highest level since November 2014 on Monday, before US sanctions against Iran come into effect next month. Here are the latest market updates:
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9:30 am IST Kotak Bank shares dive 12% after Bandhan Bank turmoilAfter Bandhan Bank, shares of Kotak Mahindra Bank also lost up to 12.3% to Rs 1,002.30. In August, the RBI rejected its proposal to issue preferred shares non-convertible to reduce the sponsor's participation. RBI had instructed the bank to reduce the participation of the promoters to 20% of the paid-up capital at 31 December 2018 and 15% at 31 March 2020.
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9:23 am IST Bandhan Bank shares plunge 20% after RBIBandhan Bank shares fell by 20% to 451.20 rupees after the Reserve Bank of India (RBI) banned Bandhan Bank from opening new branches without its authorization and ordered the bank to freeze the salary of its director Chandra Shekhar Ghosh for his failure to comply with the rules of the shareholding. "The RBI informed us that since the bank was unable to reduce the holding of the non-operating financial holding to 40%, as provided for in the condition of license, the general authorization to open new branches is withdrawn and the bank can open the RBI approval and compensation of the general manager and the bank's general manager are blocked until the current level, until new order, "said the bank in a notification addressed to BSE.
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9:17 am IST Bond yield drops 11 bps on RBI OMO announcementIndia's 10-year government bond yield declined by 11 basis points after the Reserve Bank of India announced that it would inject new liquidity through market economy operations in the amount of 36,000 crore in October. The bond markets also welcomed the government's decision to reduce the loan program by 70 trillion rupees on Friday for the second half of the current fiscal year, thereby indicating its confidence in controlling the budget deficit. The yield on 10-year bonds was 7.916%, compared with 8.024% previously. Bond yields and prices move in opposite directions. At the same time, the rupee opened slightly lower against the US dollar after crude oil reached $ 83 billion. At 9:15, the currency was trading at 72.63, down 0.2% from the previous close.
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9:05 am IST Embroiled in regulation, Bandhan Bank seeks a way out
It is unfortunate to dodge the regulatory bullets, but it is unfortunate to be the target of two regulators.#BandhanBankhttps://t.co/qHUh5y6n76
– Livemint (@livemint) October 1, 2018
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8:55 am IST Commodities corner: oil reaches its highest level in 4 years and gold prices are moderatingMetals: Metal prices in London eased off the evidence that the trade dispute between the two countries had impacted China's manufacturing activity last month and that a week-long vacation was beginning. in the country. LME copper declined 0.3% to $ 6,242 per tonne. The LME zinc slid 0.8% to $ 2.591.50.Oil: Brent crude prices reached their highest level since November 2014, following US sanctions against Iran that come into effect next month. Brent crude oil futures were trading at $ 83.24 a barrel, up 51 cents or 0.3%, their highest level since November 2014. US WTI futures were up 37 cents, or 0.5%, to 73.62 dollars.Gold: Gold prices eased on Monday as the dollar remained stable after peaking nearly three weeks in the previous session, following plans by the US Federal Reserve to raise oil prices. interest by 2020.. Gold futures in the United States fell 0.3% to $ 1,193.0 ounce. Reuters
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8:46 am IST Opening bell: clues to watch before trading today■ Asian markets have opened on a low note. The broadest MSCI index of Asia Pacific ex-Japan equities has changed little, according to Reuters. Oil prices have opened, Brent nearing its highest level in almost four years. Over the weekend, US stocks have closed flat.■ The Reserve Bank of India (RBI) banned Bandhan Bank from opening new branches without its authorization, due to its inability to comply with the share ownership rules. The company said it is exploring inorganic opportunities to reduce promoters' shares.■ Adding to the problem of loss-making airlines, petroleum marketing companies have increased domestic jet fuel prices by 7.25 percent from Oct. 1, the report said. L & # 39; Hindu.■ IndiGo, promoted by InterGlobe Aviation and which recently announced the launch of its first daily flight between Amritsar and Dubai starting in October, is betting heavily on the Middle East market, the newspaper reports. mint.■ The CIT plans to enter the packaged rice business under the Aashirvaad brand, reports the Times of India. According to the report, the company has launched a pilot project.■ Electricity prices in the spot electricity market reached a peak of Rs. 10.61 per unit in the spot market due to low hydro and wind power generation. and lack of coal in thermal power plants, reports PTI.■ The Indian monsoon, which accounts for more than 70% of annual rainfall, has missed a forecast of normal rainfall for a second year. The rainy season is crucial for the country's agricultural sector. Read more. R. Sree Ram / MintWith contributions from Reuters
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