The Nifty and the Sensex are up over 1% this morning as successful coronavirus vaccine trials boosted sentiment.<\/p>\n
The airline industry is undergoing turmoil with the largest carrier laying off staff amid falling demand.<\/p>\n
Join us as we follow the top business news through the day.<\/p>\n
4:30 PM<\/p>\n
Stocks close to erasing 2020 losses<\/h2>\n
4:00 PM<\/p>\n
Sensex rallies 511 points; Nifty tops 11,150<\/h2>\n
A good day for stocks after increased optimism over a coronavirus vaccine.<\/p>\n
PTI<\/em> reports: “Equity benchmark Sensex rallied 511 points on Tuesday, tracking gains in index majors Reliance Industries, HDFC and ICICI Bank amid a firm trend in global markets on hopes of a COVID-19 vaccine.<\/p>\n After hitting a high of 37,990.55 during the day, the 30-share BSE Sensex settled 511.34 points, or 1.37 per cent, higher at 37,930.33.<\/p>\n Similarly, the NSE Nifty rose 140.05 points, or 1.27 per cent, to end at 11,162.25.<\/p>\n PowerGrid was the top gainer in the Sensex pack, rallying over 6 per cent, followed by Maruti, ICICI Bank, HDFC, Kotak Bank, Axis Bank, and Reliance Industries.<\/p>\n On the other hand, Bajaj Finance, Bajaj Finserv, Asian Paints and Sun Pharma were among the laggards.<\/p>\n According to traders, domestic market participants tracked the global stocks rally as hopes of a COVID-19 vaccine increased their risk appetite.<\/p>\n A coronavirus vaccine developed by the University of Oxford appears safe and induces a strong immune response within the body, scientists announced on Monday after the first phase of \u201cpromising\u201d human trials against the deadly disease.<\/p>\n In India, AIIMS-Delhi also began recruiting volunteers for conducting human clinical trials of the indigenously developed COVID-19 vaccine candidate Covaxin.<\/p>\n Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.<\/p>\n Stock exchanges in Europe were also trading with significant gains in early deals after EU leaders finalised a 750-billion euro stimulus plan.<\/p>\n The number of COVID-19 cases around the world has crossed 1.46 crore.”<\/p>\n 3:30 PM<\/p>\n An update on the HDFC Bank loan scandal.<\/p>\n PTI<\/em> reports: “In a possible breach of regulatory guidelines, borrowers of HDFC Bank were forced to take GPS devices along with the purchase of car for about four years till December 2019, sources said.<\/p>\n According to sources, the executives of the country\u2019s largest private sector lender compelled vehicle loan customers to get Global Positioning System (GPS) devices costing Rs 18,000-20,000 during 2015 to 2019.<\/p>\n Reportedly, these GPS devices were of a particular make indicating at conflict of interest and violation of regulatory norms.<\/p>\n On this issue, an HDFC Bank spokesperson said, \u201cAs you are aware we have said (Mr Puri\u2019s AGM address) what we had to in the matter. And there\u2019s nothing further to add.<\/p>\n HDFC Bank\u2019s Managing Director and Chief Executive Aditya Puri on Saturday while addressing shareholders in the annual general meeting had said that \u201cdisciplinary action\u201d has been taken against a few employees from the auto loans business for exhibiting \u201cpersonal misconduct\u201c.<\/p>\n Puri denied there being any \u201cconflict of interest\u201d found by a probe launched following whistleblower complaints.<\/p>\n \u201cEnquiry did bring out another aspect related to personal misconduct exhibited by a set of individuals for which appropriate disciplinary actions have been taken,\u201d Puri had said.<\/p>\n There are allegations that GPS devices were bundled along with the loan and those who refused to take it were generally denied loan sanction.<\/p>\n The Banking Regulation Act, 1949, stipulates certain businesses that a bank may engage in, apart from its role as a lender. These have been defined under 15 broad sub-categories and the Act clearly states that no banking company shall engage in any form of business other than those referred to in sub-section (1)\u201c.<\/p>\n A former group head of secured vehicle loans was denied an extension after receiving two post-retirement extensions in March.<\/p>\n Auto loans contributed a fifth of the bank\u2019s retail loans and a tenth of its overall assets. Outstanding auto loans reduced to Rs 81,082 crore as of June 2020, from Rs 83,935 crore in March and Rs 81,913 crore in the year-ago period.<\/p>\n It can be noted that auto sales were also in the slow lane for much of the year.”<\/p>\n 3:00 PM<\/p>\n The rupee managed to keep up its momentum through the day with help from stocks.<\/p>\n PTI<\/em> reports: “The rupee appreciated 17 paise to close at 74.74 (provisional) against the US dollar on Tuesday tracking positive domestic equities and hopes of a COVID-19 vaccine.<\/p>\n At the interbank forex market, the domestic unit opened on a strong note at 74.79 against US dollar.<\/p>\n During the session, it touched an intra-day high of 74.73 and a low of 74.87 against the US dollar and finally settled at 74.74, up 17 paise over its previous close.<\/p>\n It had settled at 74.91 against the US dollar on Monday.<\/p>\n Forex traders said positive domestic equities, foreign fund inflows and hopes of a COVID-19 vaccine supported the rupee.<\/p>\n A coronavirus vaccine created by the University of Oxford appears safe and induces a strong immune response within the body, scientists announced on Monday after the first phase of human trials.<\/p>\n In India, AIIMS-Delhi on Monday began recruiting volunteers for conducting human clinical trials of the indigenously developed COVID-19 vaccine candidate Covaxin.<\/p>\n Meanwhile, the dollar index, which gauges the greenback\u2019s strength against a basket of six currencies, fell 0.03 per cent to 95.80.<\/p>\n On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 490.70 points higher at 37,909.69 and broader NSE Nifty rose 132.80 points to 11,155.00.<\/p>\n Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,709.97 crore on Monday, according to provisional exchange data.”<\/p>\nHDFC Bank may have clubbed GPS device with car loan<\/h2>\n
Rupee settles 17 paise higher at 74.74 against US dollar<\/h2>\n