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The Mint Report for 18 January 2011

The Mint Report for 18 January 2011
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First Published: Tue, Jan 18 2011. 09 04 PM IST
Updated: Tue, Jan 18 2011. 09 04 PM IST
We start with the dispute between the Bombay Stock Exchange and its Singaporean counterpart SGX. We’ve learnt that the BSE is planning on suing SGX for allegedly violating terms of its purchase of a 5% stake in BSE. Officials from the BSE say the deal barred SGX from trading derivatives from any Indian exchange. It wants to sue after SGX got into a deal with India’s NSE to launch options based on its Nifty index. Options linked to the Nifty are scheduled to debut on SGX next month. Nifty options are already India’s most popular index-based derivatives.
And in economic news, there’s a new opposition to possible hikes in policy rates, and it’s coming from within the government. Commerce minister Anand Sharma sent a letter to finance minister Pranab Mukherjee on Tuesday. In it, Sharma said tighter monetary policy may not be the best way to control soaring food inflation. He added that selective restrictions on credit could help instead. The RBI is going to review monetary policy on 25 January. It’s widely expected to announce some rate hikes.
And before we leave you, here’s how Indian stocks did on Tuesday. The Sensex shot up 210 points to 19,092. And the Nifty jumped 69 to finish at 5,724.
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First Published: Tue, Jan 18 2011. 09 04 PM IST