Indian Equity—Weekly update:
Indian equity markets were cheered by positive global cues and buying in banking, metal and capital goods stocks. Shares of major banks rose and added to the gains on reports that Prime Minister Narendra Modi will review the measures taken by the Reserve Bank of India (RBI) to resolve the non-performing assets (NPA) issue of the Indian state-run banks.
Resistance for Nifty:- 9698.85 Support for Nifty:- 9608.60
Indian Debt—Weekly update:
Pune Municipal Corporation (PMC) has become the first local body in the country to issue municipal bonds in nearly one and a half decade, raising Rs 200 crore for the smart city project, the central government’s pet scheme. Post this 3-4 more such bodies plan to raise funds through this route. Proceeds from the issue, raised at a
coupon of 7.59 per cent and oversubscribed six times, will be used for an Rs 2,300 crore water project.