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Banks lift Indian shares after top court rejects loan moratorium extension


The blue-chip NSE Nifty 50 index ended up 0.5 per cent at 14,814.75 and the benchmark S&P BSE Sensex rose 0.6 per cent to 50,051.

Indian Shares, Bank loan repayment, NSE Nifty, BSE Sensex, RBI, moratorium, Nifty bank index, Maruti Suzuki India, Covid-19, Coronavirus, Vaccine, vaccination programme, Stock Market, Domestic Shares, Equity

India’s top court on Tuesday refused to extend a six-month moratorium on loan repayments that ended on August 31 last year (Picture Credits: PTI)

Indian shares closed higher on Tuesday, boosted by bank stocks after India’s top court rejected pleas for extending moratorium on bank loan repayments in a major relief to the sector.

The blue-chip NSE Nifty 50 index ended up 0.5 per cent at 14,814.75 and the benchmark S&P BSE Sensex rose 0.6 per cent to 50,051.

India’s top court on Tuesday refused to extend a six-month moratorium on loan repayments that ended on August 31 last year. The Reserve Bank of India had allowed banks to offer the moratorium after a government-imposed Covid-19 lockdown.

Read | Loan moratorium case: Complete waiver of interest not possible, rules Supreme Court

The ruling lifted Nifty bank index as much as 2.07 per cent and the public sector bank index by as much as 3.93 per cent. The Nifty bank index had fallen over 5 per cent in the past six sessions.

“The ruling is certainly in favour of banks. It needs to be seen how this will impact the earnings in the coming quarter. That’s something the markets will keep a close eye on,” said Ajit Mishra, vice president, research, at Religare Broking.

Shares of Adani Ports and Special Economic Zone rose 4.6 per cent after the company said it would buy 58.1 per cent stake in Gangavaram Port for 36.04 billion rupees ($497.82 million).

Maruti Suzuki India gained 1.2 per cent after the carmaker said on Monday it would raise prices for various models in April due to a rise in input costs. Shares of Insecticides (India) rose as much as 14.31 per cent after the agrochemical maker said it would consider a share buyback proposal at a board meeting on March 30.

Meanwhile, the Indian government said that everybody above 45 years would be eligible for coronavirus vaccination from April 1, expanding its vaccination programme as infections surge again.

READ | Untying the Covid knot: In conversation with Mr TS Kalyanaraman, Chairman & MD Kalyan Jewellers

READ | Can second Covid-19 wave spoil India’s recovery momentum? Details here



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