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Indian stock markets hit new all-time highs on first day of new fiscal

April 1, 2014 - New Delhi

  • The Indian stock markets set a fresh all-time highs on the first day of the new fiscal year.
  • It is the seventh day in succession that the BSE Sensex and NSE Nifty hit all-time highs.
  • Reserve Bank of India (RBI) kept its key rates unchanged on a day of RBI monetary policy as expected by analysts.
  • IT and oil shares helped Sensex close at a high of 22,446.44, 60.17 up from its previous close. The Sensex is also helped by sustained capital inflows in equities.
  • The NSE Nifty also rose by 16.85 points ending at a new high of 6721.05. It recorded fresh intra-day life-time high of 6732.25.
  • Wipro, Cairn, Powergrid, Bank of Baroda and TCS gained by over 1.9% each.
  • Speaking at the customary post-policy press conference, Reserve Bank of India Governor Raghuram Rajan said that the markets are on a roll building up high hopes of the coming elections. He however warned of some turmoil.
  • Equity markets in India have rallied by over 6 per cent in March. The rupee also rose against the dollar and is trading below the crucial Rs 60 mark.

Licenses to set up new Banks

  • On a day the RBI kept its key rates unchanged, the Election Commission of India allowed RBI to issues licenses to set up new banks.
  • The RBI has earlier written to Election Commission seeking its approval for granting bank licenses as the model code of conduct has come into place after general elections. The RBI earlier missed its March-end deadline for issuing its first bank license.
  • Th RBI had received 27 applications for setting up new banks with Tata Sons and Value Industries withdrew. 25 contenders are now in race.
  • It was in 2003-04 that the RBI lsat has granted Kotak Mahindra Bank and Yes Bank its bank licenses.

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