Indian equity markets started the day on a positive note and never looked back. However, the markets did pare some gains after hitting record highs for the eighth straight session. Heavy capital inflows coupled with firm global cues propped up the trading sentiment here. Realty and Pharma stocks were the biggest gainers. While the BSE-Sensex closed higher by 105 points, the NSE-Nifty closed higher by 31 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.
As regards global markets, Asian indices closed in the green. European indices have also opened firm. The rupee was trading at Rs 59.75 to the dollar at the time of writing.
The Election Commission (EC) has allowed the Reserve Bank of India (RBI) to issue new bank licences. The EC letter was in response to the RBI's March 12 request for guidance on whether it would be appropriate for it to go ahead with the announcement of in-principle approvals for banking licences. This was in view of the model code of conduct for the Lok Sabha elections, which came into force on March 5. The RBI is expected to announce the new licensees shortly. The RBI governor, while unveiling the bi-monthly monetary policy on Tuesday, had said that the central bank would expedite the process and grant licences once it got the EC approval.
Reliance Industries (RIL) has received a US$ 500 m loan from the Export Development Canada (EDC), Canada's leading financier and insurer of Canadian exporting companies. EDC provided the financing in response to the increasing business that RIL has been undertaking with Canadian companies since 2004, when EDC first became one of their financiers. The transaction is among the largest financing packages that EDC has ever extended in Asia. Since 2010, RIL has been regularly doing business with approximately 50 Canadian companies. Of these companies, 33% were small to medium-sized companies. EDC has been actively engaged with RIL for making introduction to Canadian capabilities.