Market HIGHLIGHTS: Equity benchmarks Sensex and Nifty were trading nearly a percent lower in the closing hours on Monday after hitting fresh highs in the early trade. Sensex was trading 416 points lower at 41,528.91 while Nifty was trading at 12,230.75, a loss of 121 points. Powergrid has dominated the stocks on the Sensex as well as NIfty 50 pack. Vodafone Idea shares jumped 7.76 per cent as investors show optimism of government intervention in AGR matter. Kotak Mahindra Bank plummeted to the bottom of the Sensex pack losing 4.41 per cent as the bank disclosed its Q3 numbers today. The bank registered a rise in profit by 23.6 per cent year-on-year to Rs 1595.9 crore. Kotak’s advances grew at 10 per cent year-on-year to Rs 2.16 lakh crore. The bank’s earning from the interest shot up by 18 per cent to Rs 3429.53 crore. Kotak Mahindra Bank’s asset quality deteriorated for the fourth straight quarter. The bank saw an expansion of gross non-performing assets ratio to 2.46 percent from to 2.32 percent in the last quarter.
According to the latest report released by Oxfam, the richest 1 per cent Indians hold more than four-times the wealth of 953 million people. The report also outlined the grave inequality as the total wealth acquired by India’s billionaires equals the total value of the union budget.
The import of crude oil from the West Asian countries has hit a 4-year slump. This is a consequence of India’s plan to diversify its crude oil source to meet energy requirements. In response to the widening conflicts in the Middle East and growing complexities of India’s interests in US-Iran tussle, Petroleum Minister Dharmendra Pradhan had said last week about India’s plans to not to rely on a single source to meet its oil demands but to explore other crude oil options such as the United States and Russia.