Indices gain on firm rupee, global cues

Friday,   21-Sep-2018   09:44 AM (IST)

Benchmark indices are gaining in morning trade taking cues from global peers and on a firm rupee on Friday. The markets were closed on Thursday on account of Muharram. At 9:43 AM, the S&P BSE Sensex was trading at 37,423, up 302 points while the broader Nifty50 was ruling at 11,326, up 92 points. That apart, the sentiment was also affected as rupee also opened firm, up 53 points at 71.88/dollar. On Wednesday, the currency rebounded by 61 paise, notching up its best single-day gain since March 2017 to close at 72.37 against the US dollar. Among stock specific action, YES Bank fell 20 per cent after RBI trimmed Rana Kapoor's tenure as its CEO. The private sector lender said on Wednesday that the Reserve Bank of India (RBI) had allowed Kapoor to continue only till January 31. According to sources, the RBI has cited corporate governance and regulatory issues for not extending Kapoor’s term. Further, the lender has been directed to search for a successor. The bank's stock may take a hit when trading resumes today.