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Sensex, Nifty may extend gains     Back
(07:57, 11 Jun 2019)

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 18 points at the opening bell on positive global cues.

Overseas, Asian stock markets were trading higher on Tuesday. In the US market, stocks advanced as investors cheered the agreement struck between the US and Mexico to avoid tariffs being implemented.

Meanwhile, on the US-China trade front, President Donald Trump reportedly said on Monday he was ready to impose another round of punitive tariffs on Chinese imports if he cannot make progress in trade talks with Chinese President Xi Jinping at the G20 summit. US president reportedly expects to meet Xi at the June 28-29 summit in Osaka, Japan.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 216.20 crore on 10 June 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 170.62 crore on 10 June 2019, as per provisional data.

Key domestic indices ended with modest gains on 10 June 2019, supported by positive global stocks. Investors concerns eased after the United States and Mexico struck a migration deal last week to avert a tariff war. Moreover, a weak US jobs data boosted hopes of interest rate cuts by the Federal Reserve. The barometer index, the S&P BSE Sensex, rose 168.62 points or 0.43% to 39,784.52. The Nifty 50 index rose 52.05 points or 0.44% to 11,922.70.

The Securities and Exchange Board of India (Sebi) on Monday, 10 June 2019, proposed an informant mechanism to blow the whistle on insider trading cases, wherein genuine whistleblowers could get monetary reward of Rs 1 crore as well as amnesty from regulatory action. Proposing a mechanism that provides near absolute confidentiality along with appropriate safeguards, Sebi said it would help strengthen the mechanism for early detection of insider trading cases.

The Reserve Bank of India (RBI) on Monday, 10 June 2019, relaxed norms for Basic Savings Bank Deposit (BSBD) account. Banks are now advised to offer ATM card or ATM-cum-Debit card and allow minimum of four withdrawals in a month, including ATM withdrawals. There shall be no limit on number and value of deposits that can be made in a month. The BSBD account holders should be allowed to deposit cash at bank branch as well as ATMs/CDMs. Receipt/ credit of money should be allowed through any electronic channel or by means of deposit /collection of cheques drawn by Central/State Government agencies and departments. The rules will come into force from 1 July.

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