Tag: mcx

MCX data breach: No charges against former MD

Banking & Finance

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Mrugank Paranjape, the former MD and CEO of Multi Commodity Exchange (MCX), will not face any further charges for the alleged data breach scandal that rocked the exchange during his tenure in 2016. The MCX board, which met last Saturday, has decided to hold back Paranjape’s variable pay for the year.. There will be no further inquiry or charges levelled against Paranjape or anybody else into the matter, sources told BusinessLine.

The alleged theft of market data at MCX and its use by unauthorised persons was the second major incident of breach at any exchange in India after the National Stock Exchange (NSE) algo trading scandal came to light.

Also read: MCX holds back former MD’s salary in data breach case

In both the cases, the involvement of key people and a Mumbai-based research institution Indira Gandhi Institute of Development Research (IGIDR) had come to light. A forensic audit report by New Delhi-based firm TR Chaddha and Co had mentioned in its report that data shared by the MCX with Susan Thomas, a professor with IGIDR, could have gone into algorithmic trading and even accessed by unauthorised persons.

Professor Thomas is the wife of Ajay Shah, one of the accused in the NSE Co-location scam. However, MCX board is of the view that it could not find enough evidence to take the matter forward, the sources said.

‘Censure order’

“It is likely that MCX could pass a censure order in the data breach matter,” the source said. Censure is a formal and public act intended to convey that the persons concerned have been guilty of some blameworthy act or omission.

Also read: MCX probing ‘abuse’of pact with IGIDR

BusinessLine first broke the story in 2018 about the forensic audit that revealed how the MCX shared data via ‘private undertaking’ with Thomas and Chirag Anand, a Delhi-based algo software designer. The case was in a limbo since the forensic audit was submitted. The exchange had also sought explanation from some of the other employees in the exchange.

MCX has also conducted an internal inquiry regarding the purchase of land by it at the Gujarat International Finance-Tech (GIFT) City in Gandhinagar when Paranjape was at the helm. Sources told BusinessLine that more land was purchased than was formally approved by MCX board or its committee.

Another incident where the role of Paranjape and a senior board member was under the scanner was the award of a multi-crore software development contract to a London-based firm for a spot exchange platform. “In all these matters, MCX has decided not to hold anybody responsible for the lack of evidence,” the sources said.

When contacted, Paranjape said, “I have not received any communication from MCX and hence I’m not aware of anything. I’m not saying anything more.” MCX did not respond to an email query from BusinessLine

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Sensex and Nifty ends flat amidst high volitality, financials underperform, BFSI News, ET BFSI

Personal Finance

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Domestic equity market benchmarks BSE Sensex and Nifty 50 traded flat on Friday. Benchmark indices erased most of the intraday gains and ended on flat note on April 16 amid high volatility. At close, the Sensex was up 0.06% at 48,832.03, and the Nifty was up 0.25% at 14,617.90.

Except financials all other sectoral indices ended in the green. ICICI Bank, SBI Bank, Bajaj Finance were among top index laggards.BSE Midcap and Smallcap indices outperformed broader indices today as recent fall in the space made investors to do bargain trading in quality midcap and small cap space.

The Nifty Bank Index ended flat at 31,977 down by 0.42%. Amongst the biggest losers were- ICICI Bank at Rs 566 (-1.43%) followed by Bandhan Bank at Rs 322 (-1.09%), RBL Bank at Rs 187 (-1.03%), SBI at Rs 339 (-0.82%), Kotak Mahindra at Rs 1,764 (-0.54%). Amongst biggest gainers were IDFC First Bank at Rs 54 (2.29%) followed by AU Small Finance Bank at Rs 1,077 (2.05%), Induslnd Bank at Rs 862 (0.54%).

Nifty Financial Services ended also flat at 15,362 losing 0.16%. Amongst the biggest losers were – Bajaj Finance at Rs 4,616 (-0.94%) followed by REC at Rs 127 (-0.78%), Power finance at Rs 109 (-0.32%). List of gainers included- Muthoot Finance at Rs 1,168 (1.31%) followed by HDFC at Rs 2,574 ( 1.06%), Chola Invest at Rs 540 (0.99%), Bajaj Finserv at Rs 9,824 (0.87%).

Other key takeaways

Gold prices recover in India, back above Rs 47,000
Gold prices recovered in Indian markets on Friday, after closing above Rs 47,000 per 10 gram for the first time since February 23, 2021, in the previous session. Although MCX gold June futures were trading weak, down Rs 85 or 0.18 per cent at Rs 47,090 per 10 grams, against the previous close of Rs 47,175.

MCX silver was trading at Rs 68,407 per kg, down Rs 169 or 0.25 per cent, as compared to a previous close of Rs 68,540 per kg. On April 13, MCX gold hit Rs 47,000 mark in intraday after nearly two months. Last year in August, MCX gold touched a record high of Rs 56,191 per 10 grams.

Rupee Close
Indian rupee extended the early gains and ended near the day’s high at 74.35 per dollar, amid buying saw in the domestic equity market. It opened higher by 13 paise at 74.79 per dollar against Thursday’s close of 74.92 and traded in the range of 74.28-74.79.

Rising domestic cases above 2-lac per day, widening India’s trade deficit, and the recent rebound in the crude oil could be a headwind for the Rupee. Overall, the short-term range for the USDINR is likely to be from 74.20-75.50.

Dow closes above 34,000 for first time
The Dow industrials closed above 34,000 for the first time on Thursday as the blue-chip benchmark and S&P 500 posted fresh record highs on a tech stock rally fueled by falling bond yields and strong March US retail sales, according to Reuters. The Dow Jones Industrial Average 0.9 per cent, the S&P 500 gained 1.11 per cent, and the Nasdaq Composite added 1.31 per cent.



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Gold surpasses 45,000 mark today while silver struggles, BFSI News, ET BFSI

Personal Finance

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Gold prices today rose in India as the U.S. dollar and Treasury yields eased, while President Joe Biden‘s $2 trillion-plus jobs plan supported the yellow metal’s appeal as a hedge against inflation. The dollar index pulled back after hitting a five-month high on Wednesday, making gold less expensive for holders of other currencies.

On MCX Gold May futures rose 0.23% to trade at Rs 45,040 per 10 gram, while Silver May futures traded 0.29% lower at Rs 63,630 per kg. Spot gold fell 0.16% to $1,713.20 per ounce, after touching its lowest since March 8 at $1,677.61 on Wednesday. In India, spot gold plunged by Rs 49 to Rs 43,925 per 10 gram on Wednesday reflecting overnight selling in global precious metal prices.

Gold is having support at $1700-1688 per troy ounce and resistance at $1724-1738 per troy ounce. Silver is having support at $24.20-23.80 per troy ounce and resistance at $24.88-25.20 per troy ounce

In the first three months of this year, gold is down about ₹5,000 per 10 gram in Indian markets and as compared to all-time high of ₹56,200, hit in August last year, the precious metal has corrected ₹11,000 from those levels.

According to Good Returns, the price of 10 grams of 22-carat-gold declined by Rs 250 to stand at Rs 43,370 from the earlier rate of Rs 43,620. Similar to the rates of 22-carat yellow metal, a fall of Rs 250 was witnessed in the prices of 10 grams of 24-carat gold which stood at Rs 44,370 compared to the previous day rate of Rs 44,620.



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Nifty ends above 14,500 aided by financials; Sensex jumps 800 points, BFSI News, ET BFSI

Personal Finance

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At close, the Sensex was up 1.72% at 49,398.29, and the Nifty added 1.68% at 14,521.20. About 2077 shares have advanced, 861 shares declined, and 139 shares are unchanged. Nifty bank index traded green at Rs 32,424 adding 1.94%, while BSE Bankex ended at 36,730 up by 1.95%.

Amongst the top gainers were- IDFC First Bank at Rs 50 adding 7.50, followed by RBL Bank at Rs 254 (-4.03), Bank of Baroda at Rs 75 (3.70%), PNB at Rs 36 (2.96%), ICICI Bank at Rs 546 (2.49%), Kotak Mahindra Bank at Rs 1,887 (-2.17%), Bandhan Bank at Rs 362 (1.77%).

Nifty Financial Services ended at 15,614 adding 2.41%. Amongst the top gainers were Cholamandalam at Rs 437 adding 7.01% followed by Bajaj Finserv at Rs 8,924 (6.82%), Indiabulls hsg at Rs 240 (6.75%),Bajaj Finance at Rs 4959 (5.07%) and Power Finance at Rs 122 (4.17).

Other key takeaways

Indian Railway Finance Corporation IPO subscribed fully:
The public offer of Indian Railway Finance Corporation has been subscribed 1.01 times on January 19, the second day of bidding, largely supported by retail investors so far. The IPO has received bids for 126.7 crore equity shares against offer size of over 124.75 crore equity shares (excluding anchor book portion), the subscription data available on the exchanges showed.

The portion set aside for retail investors witnessed subscription of 1.95 times and that of employees 18.27 times, while the reserved portion of non-institutional investors was subscribed 17.4 percent and that of qualified institutional buyers 0.02 percent.

Gold Updates
Gold prices on the MCX in the futures market were weak by a tad and this is in line with international gold pricing. At around 11:38 am, gold on the MCX quoted down by Rs. 44 or 0.09% at Rs. 48850 per 10gm. Silver on the other hand was firm at Rs. 65507 per kg.

Internationally price of gold has gained as a larger US bail-out outweighs any firmness in the dollar. Furthermore, back in India the roll out of the coronavirus vaccine which began on January 16, 2021 is seen as a positive propelling risk sentiment and in turn taking the sheen out of safe haven assets such as gold.

Rupee Updates
Indian rupee erased some of the gain but still traded higher at 73.22 per dollar, amid buying seen in the domestic equity market. It opened 11 paise higher at 73.17 per dollar against previous close of 73.28. The dollar-rupee January contract on the NSE was at Rs 73.32 in the last session. The open interest increased almost 15% in the February series while marginal decline was seen in January series contracts.

Wall Street ends higher:
U.S. stock futures moved higher early Tuesday as Wall Street looked to bounce back from a rough week ahead of President-elect Joe Biden’s inauguration. Futures contracts tied to the Dow Jones Industrial Average rose 166 points. Those for the S&P 500 and the Nasdaq 100 also traded in positive territory.

The move in futures comes after a slump for equities last week. The Nasdaq Composite and S&P 500 lost 1.5%, while the Dow was off 0.9%, respectively. It was the worst week for the three major indexes since October.



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Nifty ends with fresh record highs above 14,550; Nifty Bank adds 1%, BFSI News, ET BFSI

Personal Finance

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Nifty bank index traded Green at Rs 32,339 adding 1.06%, while BSE Bankex ended at 36,450 adding 0.62%.

Shares that contributed the most were- IDFC First Bank at Rs 47 adding 6.07% followed by Bank of Baroda at Rs 70 (10.12%), PNB at Rs 36 (4.58%), SBI at Rs 292 (3.54%), HDFC Bank at Rs 1,481 (2.04%). While all the other major indices remained green, Kotak Mahindra traded lower at Rs 1,903 (-1.79%), Bandhan Bank at Rs 391 (-4.15%) and Induslnd Bank at Rs 927 (-0.16%).

Nifty Financial Services ended at 15,711 adding 0.68%. Amongst the top gainer were Cholamandalam at Rs 443 adding 3.81% followed by Power Finance at Rs 121 (1.42%), Bajaj finance at Rs 5,042 (1.16%), Indiabulls Hsg at Rs 234 (0.13%). Bajaj Finserv shares traded lower at Rs 8,959 (-0.30%) along with HDFC Shares at Rs 2,747 (-0.13%).

Other key takeaways

India’s GNPA could double by September
The central bank on Monday said that the gross non-performing asset (GNPA) ratio of banks could double to reach 13.5% by September this year in a base scenario while on the higher side it is expected to reach 14.8%. The GNPA ratio is used to assess loan losses in the banking sector.

The RBI in the report said that if a severe stress situation occurs the bad loan ratio of the banking system could be the highest since March 1997, when it stood at 15.7%.

PSU Banks under strain
“Two important developments are: bond yields rising in the US and the dollar index again rising above 90. Both these are negatives from the emerging market perspective, but FII inflows continue to be robust, pushing markets higher. Meanwhile the RBI in its Financial Stability Report expressed concern about high potential NPAs of the banking system which may rise above 14%.

PSU banks are likely to be under strain.The well-capitalized large private sector banks are strong and are likely to gain from the woes of the PSU banks,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Rupee ends at days high
With the dollar Index and US yields rising and RBI warning on stock markets/asset prices it seems that we may see some risk aversion in near term. Indian rupee recovered from the lows and ended at day’s high at 73.25 per dollar, amid buying saw in the domestic equity market. It opened marginally lower at 73.42 per dollar against previous close of 73.38 and remained in the range of 73.24-73.47.

Gold Updates
Gold prices in India rebounded to trade flat with a positive bias on the Multi Commodity Exchange (MCX) Tuesday tracking a mixed trend in the international spot prices, while silver prices also traded flat.

Gold futures for February delivery rose 0.09% to Rs 49,383 per 10 grams as against the previous close of Rs 49,341 and the opening price of Rs 49,320 on the MCX. Silver futures traded 0.10% higher at Rs 65,619 per kg. The prices opened at Rs 65,444 as compared to the previous close of Rs 65,555 per kg.

US stocks finish lower with new risks:
A slide in shares of technology giants weighed on the broader market Monday as investors grew wary of the potential for heightened regulation tied to the market’s most enduring winners.

The S&P 500 declined 25.07 points, or 0.7%, to 3799.61 after hitting a record on Friday. The tech-heavy Nasdaq Composite dropped 165.54 points, or about 1.3%, to 13036.43. The Dow Jones Industrial Average shed 89.28 points, or 0.3% to 31008.69.



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