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Cash deposits in 3rd party accounts during demonetisation, ED attaches properties

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The Enforcement Directorate (ED) on Friday said it has attached properties worth Rs 8.05 crore of Sarvodai Traders in a case pertaining to the transfer of large amounts of cash to third party accounts during demonetisation.

Huge cash deposits were made in certain accounts in Bank of India, GB Road branch, Gaya, Bihar, prior to and during demonetisation. It was detected by the financial intelligence agencies after which action was initiated against them.

These attached properties are in the name of Dhiraj Jain of Sarvodai Traders, and his wife Rinki Jain and their firms.

Earlier, the ED had attached properties worth Rs 14.44 crore in the case. With the fresh attachment, the total value of attachment in this case is now Rs 22.49 crore.

The ED official said that investigation was initiated under PMLA during the demonetisation period on the basis of the FIR registered with the Civil Lines Police Station in Gaya, Bihar.

During investigation, it was found that Motilal, a businessman of Gaya, in connivance with officials of the Bank of India, misused the bank accounts in the name of complainants Shashi Kumar, Rajesh Kumar, their firms, brothers, besides relatives and friends.

“Huge cash deposits worth Rs 44.80 crore were deposited illegally in these bank accounts which were further transferred to the bank accounts of persons/firms/entities without the knowledge and consent of the account holders. These illegal transfer of funds was on the basis of forging documents by Motilal on the direction of Dhiraj Jain, Pawan Kumar Jain, both businessmen of Gaya and Bimal Jain, a broker of Delhi, during the period from July 2016 to December, 2016,” said the CBI official.

The ED official said that out of the said cash deposit, Rs 34.75 crore had been subsequently transferred to the bank accounts of fictitious and non-existent firms situated in Delhi.

The instant Provisional Attachment Order of Rs 8.05 crore includes immovable properties worth Rs 7.48 crore and movable properties worth Rs 57.14 lakhs (in the name of their firms and in the name of certain fictitious firms of Delhi).

Further investigation in the matter is underway.

Business

Sensex, Nifty open lower amid weak global cues

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Mumbai, Sep 24: The Indian benchmark indices opened marginally lower on Wednesday, on the back of weak global cues, with broad-based selling across all sectors, except PSU bank.

As of 9.21 am, the Sensex was down 289 points, or 0.35 per cent at 81,813 and the Nifty was down 87 points, or 0.35 per cent at 25,082.

Investor sentiments were weighed down by comments from US Fed Chair Jerome Powell about stagflation risks and elevated asset prices. Additionally, the impact of US visa curbs, ongoing foreign outflows, and persistent valuation concerns in domestic markets acted as headwinds for the stock exchanges.

The broad cap indices Nifty Midcap 100 dipped 0.45 per cent, and the Nifty Smallcap 100 lost 0.20 per cent.

Trent, SBI, Asian Paints, Maruti Suzuki, and ONGC are among the major gainers on the Nifty pack, while losers include Hero MotoCorp, Titan Company, Tech Mahindra, Tata Motors, ICICI Bank.

Among sectoral indices, Nifty Auto, the top loser, lost 0.71 per cent. Nifty IT (down 0.66 per cent) and Nifty Consumer durables (down 0.70 per cent) also weighed down on the indices. All other sectoral indices were trading in the red except PSU Bank which gained 0.37 per cent.

Analysts said that the global market is fraught with concern due to the elevated asset prices. Federal Reserve Chairman Jerome Powell hinted that the prices of assets, including stocks, gold, silver, and bitcoin, are currently high. He also reiterated the risks to inflation and employment, indicating that the Federal Reserve’s policy will be difficult to navigate in the future.

In India, even though the Nifty is around 4 per cent down from the September 2024 peak, valuations continue to be higher than the long-term averages. But these valuations will become justifiable when the earnings growth picks up, hopefully in FY27, they said.

The US markets ended in the red zone overnight, as Nasdaq dipped 0.95 per cent, the S&P 500 dropped 0.55 per cent, and the Dow lost 0.19 per cent in the last trading session.

Most of the Asian markets were trading in the green during the morning session. While China’s Shanghai index edged up 0.45 per cent, and Shenzhen advanced 0.92 per cent, Japan’s Nikkei dipped 0.43 per cent, while Hong Kong’s Hang Seng Index added 0.74 per cent. South Korea’s Kospi lost 1.21 per cent.

On Tuesday, Foreign Institutional Investors (FIIs) sold equities worth Rs 3,551 crore, while Domestic Institutional Investors (DIIs) were net buyers of equities worth Rs 2,671 crore.

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Business

Indian stock market opens marginally up, Sensex above 82,000

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Mumbai, Sep 23: The Indian benchmark indices opened with mild gains on Tuesday amid positive global cues, as buying was seen in auto, IT and financial service sectors in the early trade.

As of 9.22 am, Sensex was trading 122.13 points or 0.15 per cent up at 82,282.10 while the Nifty added 35.85 point or 0.14 per cent at 25,238.20

Nifty Bank was down 26.30 points or 0.05 per cent at 55,258.45. The Nifty Midcap 100 index was trading at 58,686.55 after dropping 12.95 points or 0.02 per cent. Nifty Smallcap 100 index was at 18,293.15 after gaining 4.25 points or 0.02 per cent.

According to experts, for the Nifty index, the resumption of near-term uptrend will depend on whether the slippages stretch beyond the 25200-25000 region or not.

Early moves may retain a positive bias if above 25238, but it would require a direct rise above 25278/335 region to attract momentum, they added.

Meanwhile, in the Sensex pack, Maruti Suzuki, M&M, Tata Motors, Infosys, HDFC Bank, Tech Mahindra and Axis Bank were the top gainers. On the other hand, Ultratech Cement, Sun Pharma, Trent and Asian Paints were the top losers.

In the Asian markets, Jakarta, Bangkok, Japan and Seoul were trading in green, while Hong Kong and China were trading in red.

In the last trading session, Dow Jones in the US closed at 46,381.54, up 66.27 points, or 0.14 per cent. The S&P 500 ended with a gain of 29.39 points, or 0.44 per cent, at 6,693.75 and the Nasdaq closed at 22,788.98, up 157.50 points, or 0.70 per cent.

According to analysts, the major drag on the market since the 2024 September peak is the sustained FII selling, which, in turn, is being triggered by the high valuations in India and attractive valuations elsewhere.

FIIs sold equity worth Rs 121,210 crore in 2024 and this year, they have sold equity for Rs 179,200 crore so far through the exchanges, they said.

The foreign institutional investors (FIIs) were net sellers as they sold equities worth Rs 2,910.09 crore on September 22, while domestic institutional investors (DIIs) purchased equities worth Rs 2,582.63 crore.

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Business

Stock market opens marginally lower, Nifty IT down 2.68 pc

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Mumbai, Sep 22: The Indian benchmark indices opened marginally lower on Monday, despite positive global cues, with IT stocks leading losses owing to some concerns over the new US H-1B visa rules.

As of 9.26 am, the Sensex was down 189 points, or 0.23 per cent at 82,772 and the Nifty was down 40 points, or 0.16 per cent at 25,286. Sensex and Nifty had opened with dips of 0.40 per cent and 0.33 per cent respectively, but later cut down on the losses.

IT giants such as Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies, Tech Mahindra, and Coforge slipped in the morning trade.

The US government has clarified that visa holders returning to the country are exempt from the new $100,000 fee, which provided marginal relief to Indian IT companies.

White House said the visa fee would be a one-time payment, applicable only to new applications from the next lottery cycle (March–April 2026), and not on renewals.

The broad cap indices Nifty Midcap 100 dipped 0.05 per cent, and the Nifty Smallcap 100 lost 0.12 per cent.

The losers were Tech Mahindra, TCS, Tata Motors, Apollo Hospitals and Dr Reddy’s Labs.

Among sectoral indices, Nifty IT, the top loser, lost 2.68 per cent. Nifty Pharma (down 0.45 per cent) and Nifty Healthcare (down 0.33 per cent) also weighed down on the indices. All other sectoral indices were trading with marginal gains.

The Nifty index has held firmly above the 25,300 mark, closing at 25,327 in the previous session. It continues to trade above its key moving averages—the 20-day, 50-day, and 200-day EMAs—reaffirming the broader bullish undertone.

Analysts predicted that sentiment will remain positive as long as the index remains above these averages. Immediate resistance is placed at 25,500, followed by the 25,600 and 25,850 zones. The support lies at 25,150 and 25,000 zones.

They said that the market is likely to exhibit mixed behaviour, with the IT sector being affected by the H-1B visa issue and domestic consumption themes responding positively to the potential increase in consumption from lower GST rates kicking in from today.

According to them, the present low interest rate regime will aid the consumption boost and will also facilitate an increase in credit demand, boosting the profitability of financials.

Asia-Pacific markets mostly rose on Monday, tracking Wall Street’s gains from Friday and boosted by China’s key lending rate decision that kept key rates unchanged.

In the US markets, Nasdaq has added 0.72 per cent, the S&P 500 edged up 0.49 per cent, and the Dow inched up 0.37 per cent in the last trading session.

Most of the Asian markets were trading in the green during the morning session. While China’s Shanghai index edged up 0.07 per cent, and Shenzhen advanced 0.17 per cent, Japan’s Nikkei added 1.45 per cent, while Hong Kong’s Hang Seng Index lost 0.82 per cent. South Korea’s Kospi added 1.06 per cent.

On Friday, foreign institutional investors (FIIs) purchased equities worth Rs 390 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 2,105 crore.

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