Wednesday, June 16, 1999
Rupee sheds 16 paise, closes at 43.32
The rupee's dip on Tuesday is unlikely to trigger any panic selling by FIIs. Market players believe that the rupee's dive was driven mainly by speculators. While selling pressure is unlikely, the market expects FIIs to slow down their current investments till the rupee stabilises.
Kargil keeps punters guessing, Sensex down 49.23 points
The Kargil factor kept punters guessing. During the last thirty minutes, bowing to the selling pressure from operators and institutions, the Bombay Stock Exchange Sensex shed another 49.23 points to close at 3901.73 points. On the NSE, the S&P CNX Nifty closed with a net loss of 6.46 points at 1120.50 points.
Centre revises foreign equity investment norms for NBFCs
The government has amended the guidelines for foreign equity investment in the non-banking finance companies (NBFCs) to provide for a minimum capitalisation norm of $0.5 million for the purpose of non-fund based activities. The provision will be applicable for only those activities which are advisory or consultancy in nature, irrespective of the foreign equity participation level.
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