Overall, sentiments remained up-beat as investors got some
confidence from Finance Minister Arun Jaitley’s statement where he pitched for
a rate cut by the RBI, saying that the credit offtake is slow, infrastructure
creation becomes slower, and the manufacturers find it difficult to afford
costly capital, because it is going to add to each one of their costs.
Sentiments also got some boost, as the Union Cabinet cleared ordinance on Land
Acquisition Act including removal of consent clause for acquiring land for five
areas of industrial corridors, PPP projects, rural infrastructure, affordable
housing and defence. However, gains remained capped as traders remained
concerned with the Reserve Bank of India’s (RBI) Financial Stability Report
(FSR), stating that risks to India’s banking system continue to remain at
elevated levels on concerns of further deterioration in the asset quality. FOR
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