Indian benchmark indices ended today’s trade on a positive note ahead of US Federal Reserve’s meeting scheduled for later in the evening. BSE Sensex gained 52.42 points or 0.17% to end the session at 31,155.91 points, while NSE Nifty, the broader gauge, gained 11.25 points or 0.12% to close at 9,618.15 points. BSE Mid-cap index closed virtually flat at 14799.41 points, while the BSE Small-cap index gained 70.75 points or 0.46 per cent to close at 15588.68 points.
Major gainers on the BSE were Reliance, up 3.30 per cent at Rs 1,355.90; Dr Reddy’s Labs, up 1.41 per cent at Rs 2,665.05; Larsen & Toubro, up 1.40 per cent at Rs 1,761.45; ICICI Bank, up 1.38 per cent at Rs 319.15 and Hindustan Unilever, up 0.91 per cent. PSU banks and power stocks witnessed gains as well.
Investors around the globe will be watching the outcome of the US Federal Reserve’s two-day rate-setting meeting, which will be announced later tonight. The US Fed is widely expected to raise its benchmark interest rate due to a tightening labour market and may also provide more detail on its plans to shrink the mammoth bond portfolio it amassed to nurse the economic recovery, reported Reuters.
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Back home, on the NPA front, the Reserve Bank of India (RBI) on Tuesday said it had identified 12 of the largest non-performing accounts or assets (NPAs), totalling 25 percent of India’s gross NPAs, which can be immediately taken up under the Insolvency and Bankruptcy Code (IBC). Some of the large stressed accounts that could be a part of the 12 are Essar Steel with Rs 44,000 crore stressed assets, Bhushan Power (Rs 35,000 crore), Bhushan Steel (Rs 35,000 crore), Alok Industries (Rs 24,000 crore) and Electrosteel Steels (Rs 10,000 crore), according to a CNBC-TV18 report.
The Indian Rupee gained 5 paise from its yesterday’s close of 64.33, to close at 64.29 against the US Dollar. The local currency on Tuesday gained 11 paise against the US currency.