Market

June 27: Here's what you should know before the opening bell

Updated : June 27, 2018 08:37 AM IST

The Indian market recovered from opening lows to close slightly in the green as volatility persisted.

The benchmark index, Sensex, recovered 152 points to end the session 20 points in the green at 35,490. The 50-stock index, Nifty, gained 7 points to 10,769.

Here's what you should know before the opening bell

Oil prices rose on Wednesday, pushed up by supply disruptions in Libya and Canada and after US officials said all countries should stop Iranian crude imports from November. Brent crude futures were at $76.60 per barrel at 0111 GMT, up 29 cents, or 0.4 percent, from their last close.

Chiefs of 11 public sector banks on Tuesday met the Parliamentary Standing Committee on Finance, headed by Congress MP Veerappa Moily, to discuss issues related to NPAs. The banks told the MPs of the committee that they expect to be out of the woods, and come out of the PCA framework in about two years time, sources said.

The Reserve Bank of India (RBI) flagged a rise in the stress caused by the gross non-performing advances (GNPA) ratio in the banking sector. GNPA ratio for scheduled commercial banks' (SCB) is expected to rise to 12.2% by March 2019, from 11.6% level seen in March 2018 , RBI said.

ICICI Prudential Mutual Fund said it was expecting the industry's assets under management (AUM) to grow in the low double digits in the current fiscal. "The AUM of the mutual fund industry in FY18' has grown by 27 percent to $355 billion. This year, there will be some slowdown but expected to grow in low double digits," ICICI Pru MF Fund Manager Mittul Kalawadia said.

Businessman Vijay Mallya, who owes Rs 9,000 crore to a group of public sector banks, made public a letter he sent to the Prime Minister and Finance Minister in which he sought “patience and understanding of the severe predicaments that I am currently facing” and said he is offering to settle with the lenders.

Two private banks reportedly have shown interest in picking up strategic stake in IDBI Bank. The government is in favour of selling its majority stake in IDBI Bank to state-owned insurance company LIC, as it fears private players may acquire the stake at low cost, sources said.

The US dollar ended higher against the rupee at Rs 68.24 per dollar and the pound sterling finished higher at Rs 90.42 at the close of the Interbank Foreign Exchange (forex) market here today.

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