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6 June 2018
I had
mentioned in Tuesday’s closing report that Nifty, Sensex were under pressure
again. The major indices of the Indian stock markets gained after continuous
declines in the past two days. On the NSE, there were 1191 advances, 545
declines and 319 unchanged. The trends of the major indices in the course of
Wednesday’s trading are given in the table below:
The
key Indian equity indices surged as the Reserve Bank of India (RBI) came out
with its second bi-monthly monetary policy review where it has decided to raise
the repo rate by 25 basis points. Investors' risk taking appetite was enhanced
after the Reserve Bank of India maintained its "neutral" stance on
future rate hike trajectory. Following a cycle of rate cuts begun in January
2015, the RBI on Wednesday raised its key interest rate for the first time by
25 basis points (bps) to 6.25 per cent, responding to concerns on inflation
from surging global crude oil prices, as per a central bank announcement.
Giving
significant relief to home buyers, President Ram Nath Kovind on Wednesday gave
assent to the ordinance amending the Insolvency and Bankruptcy Code (IBC) to
recognise their status as financial creditors. Being treated as financial
creditors would bring home buyers at par with banks and other institutional
creditors as they would now have a share in the proceeds earned by sale of
assets of bankrupt real estate companies. "The President today (Wednesday)
gave assent to promulgate the Insolvency and Bankruptcy Code (Amendment)
Ordinance, 2018," an official statement said. The government said the
ordinance would give home buyers due representation in the Committee of
Creditors and make them an integral part of the decision making process.
The
Cabinet on Wednesday approved revised guidelines for time-bound closure of sick
and loss-making central public sector enterprises (CPSEs) and disposal of
assets with the first priority for utilisation of land under closure for
affordable housing. Briefing reporters after the Cabinet meeting, Law Minister
Ravi Shankar Prasad said the revised guidelines would reduce delays in
implementation of closure plans for sick or loss making CPSEs. The new
guidelines will replace the guidelines issued by the Department of Public
Enterprises in September 2016. "The guidelines give first priority for
utilisation of land of CPSEs under closure for affordable housing to the
poor," Prasad said. These guidelines would provide a broad framework for
expeditious completion of various processes and procedures for closure of CPSEs
by "laying down important milestones in the closure process along with
timelines, outlining the responsibilities of the concerned Ministries/
Departments/ CPSE, etc., in the process", an official statement said.
The
top gainers and top losers of the major indices are given in the table below:
The
closing values of the major Asian indices are given in the table below:
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Major Indices (The Total
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