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Sensex erases early losses, ends 38 points higher
The Sensex on Monday recouped early losses and closed 38 points higher amid strong European cues and hopes of good results by RIL later in the day. After a slow start, the Sensex fell around 78 points to the day's low of 18,596.65 amid data showing inflation rose to its highest level this fiscal at 7.81% in September — a development that may restrain RBI from cutting rates. "Headline WPI inflation of 7.81% is unlikely to lead to the RBI starting to reduce repo rates on October 30," said Indranil Pan, chief economist, Kotak Mahindra Bank. However, with the European markets opening strong, buying activity resumed on persistent capital inflows. The BSE benchmark index closed up by 38.37 points, or 0.21%, at 18,713.55, on buying in FMCG, refinery and realty sectors. Hindalco, Cipla, Dr Reddy and Tata Power were among the best performers in Sensex. Brokers said trading sentiment firmed up on hopes of better earnings today by RIL. "After the initial weakness, the markets did get some wings to rise. RIL did its part to support the rise, ahead of its quarterly results," said Milan Bavishi, head research, Inventure Growth & Securities. Shares of RIL closed 0.54% higher. In 30-share Sensex, overall 18 stocks climbed, led by stocks of FMCG and Oil and Gas. However, Maruti, Sterlite and CIL led 12 losers. The 50-share NSE index Nifty rose by 11.20 points, or 0.20% to 5,687.25, after touching day's low of 5,651.05.
Sebi introduces norms for shelf disclosure documents
The Securities and Exchange Board of India (Sebi) has introduced guidelines that allow companies to file a document for listing of debt securities issued through private placement. The shelf disclosure documents would have a validity of 180 days, according to a Sebi notification on October 12. At its board meeting in August, Sebi had said that a clause for a shelf placement document with a validity of 180 days would be provided for frequent issues through private placement. As per the norms, "an issuer making a private placement of debt securities and seeking listing thereof on a recognised stock exchange may file a Shelf Disclosure Document containing disclosures..." Sebi said.
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