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HomeCURRENT AFFAIRSBUSINESSStock Market Today: GIFT Nifty indicates a bullish start; RBI imposes monetary...

Stock Market Today: GIFT Nifty indicates a bullish start; RBI imposes monetary penalty on Axis Bank

The GIFT Nifty on the NSE IX increased by 22 points, or 0.11 percent, at 19,812 on Friday, suggesting that Dalal Street was off to a strong start.

Stock Market Today: Dalal Street appeared to be off to a good start on Friday as the GIFT Nifty on the NSE IX moved higher by 22 points, or 0.11 percent, at 19,812. Today’s 90-point increase in the Nifty created a long green candle on the daily chart with a lengthy upper shadow, indicating selling pressure approaching the pivotal 19850 levels. From the day’s low, the 30-share BSE benchmark Sensex gained over 475 points, closing 307 points, or 0.47%, higher at 65,982. The overall NSE Nifty increased by 90 points, or 0.46%, to close at 19,765.

Rupee falls; Yen on track

The strong dollar in international markets dampened investor mood on Thursday, causing the rupee to fall 14 paise to close at 83.23 vs the US dollar. As speculations that the Federal Reserve is done rising rates leave the greenback poised for a weekly loss, the yen was on track for its best week against the dollar in four months on Friday due to the possibility of a decreasing U.S.-Japan rate disparity. Small gains were made on Thursday for the S&P 500 and the Nasdaq, although the Dow Industrial Average finished marginally lower due to pressure from retail and tech heavyweights Cisco and Walmart following weak projections.

Stock Market Today: RBI imposes a monetary penalty of Rs 90.93 lakh on Axis Bank

Axis Bank was hit with a financial penalty of Rs 90.93 lakh by the Reserve Bank of India (RBI) on November 16 for failing to follow certain instructions. The RBI stated in a statement that “Certain directions issued by RBI on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, ‘Loans and Advances – Statutory and Other Restrictions’, ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’ and ‘Code of Conduct for Opening and Operating Current Accounts’.” “This penalty has been imposed in the exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949, “RBI stated.

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