Indian equity markets continued
its winning streak today also and rallied on the back of the measures announced
by newly appointed RBI governor Raghuram Rajan. Nifty opened 120 points above
the yesterday’s close and tested 5600 level. Nifty ended the day at 5,592.95,
surged 144.85 points while Sensex ended at 18,979.76 up by 412.21 points. Nifty
registered over 2.5% gain today while Sensex gained by almost 2.25%.
Raghuram Rajan announced slew of
measure relating to banks, with a view to accelerating long-pending reform
issues. Rajan announced that Reserve Bank of India (RBI) will offer a
concessional window for banks to swap FCNR dollar deposits mobilized for a
minimum tenor of three years and over, at a fixed rate of 3.5% per annum for
the tenor of the deposit.
In addition, the governor roughly
indicated that new bank licenses are likely to be announced around January
2014. The RBI has also raised banks' current overseas borrowing limit of 50% of
the unimpaired Tier I capital to 100%. He also stressed the need to reduce Statutory
Liquidity Ratio.
Among the sectoral indices Bank
Nifty gained 9.46% followed by CNX PSU Bank (8.66%) and CNX Finance (7.82%).
Meanwhile CNX IT (-2.97%) and CNX Pharma (-0.32%) plunged as Rupee rallied
almost Re. 1 against US Dollar on the RBI governor’s announcement.
Out of 50 stock of Nifty 33 stocks
advanced while 17 declined.
Top 5 Nifty gainers: Axis Bank
(15.41%), Kotak Bank (9.43%), SBI (9.36%), ICICI Bank (8.84%) and BOB (8.72%)
were the Nifty top gainers.
Top 5 Nifty losers: SesaGoa(-6.77%),
TCS (-3.63%), Infosys (-3.53%), LUPIN (-2.63%) and HCL (-1.96%) were top
losers.
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