12:25
Moneycontrol BureauLive Market Commentary
The market stayed strong in noon trade with the equity benchmarks rising more than 2 percent, supported largely by financials after several measures announced by new RBI governor Raghuram Rajan to boost growth.
The Sensex is up 406.71 points or 2.19 percent at 18974.26, and the Nifty is up 137.65 points or 2.53 percent at 5585.75.
Bank of America is positive on Reserve Bank's (RBI) measures and feels that it will shore up reserves and confidence among banks. But, this is only a breather and has to be followed up by bigger macro steps, says Jayesh Mehta, managing director & country treasurer at Bank of America. Flows of USD 15-20 billion due to the swap window for FCNR deposits is likely, he told CNBC-TV18.
After taking over a charge as a RBI governor, Raghuram Rajan set up a number of committees for revising and strengthening monetary policy framework, financial stability, financial inclusion, NPAs and an outside panel of experts headed by former Governor Bimal Jalan to screen applications for new bank licenses.
BSE Bankex rallied more than 8 percent as ICICI Bank, HDFC Bank and State Bank of India surged 6-8 percent.
Meanwhile, the rupee gained 108 paise to 65.98 against the US dollar.
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