Indian Indices End On A Strong Note; Sensex Ends 379 Points Higher

After opening the day marginally lower, Indian share markets witnessed most of the buying interest during closing hours and ended on a strong note. Gains were seen in the metal sectoroil & gas sector and automobiles sector, while IT stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 379 points (up 1.1%) and the NSE Nifty closed higher by 124 points (up 1.1%). The BSE Mid Cap index ended the day up 2% and the BSE Small Cap index ended the day up by 3.1%.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was up by 0.1% and the Shanghai Composite was up by 0.9%. The Nikkei 225 was down 0.4%.

The rupee was trading at 70.52 against the US$.

The rupee appreciated by 11 paise to 70.81 against the US$ in opening trade today, driven by weakening of the greenback in overseas markets and fresh foreign inflows.

So far this year, the rupee has declined 1.6% while foreign investors have bought $2.3 billion in equity and sold $1.7 billion in debt market.

In the news from the mutual funds space, Indian securities market regulator board has approved changes in its norms for open offer exemptions for corporates facing debt restructuring as also for debt instrument valuation by mutual funds to make these processes fairer.

As per the news, the regulator will amend its norms for valuation of money market and debt securities by mutual funds to make the process fairer and uniform across the industry to safeguard investors from default like scenarios.

The proposal seeks to make the valuation practices more reflective of the realizable value of money market and debt securities with residual maturity up to 60 days.

Accordingly, the residual maturity limit for amortization-based valuation by mutual funds will be reduced from 60 days to 30 days.

The threshold maintained between reference price and valuation price would be plus or minus 0.025%, while the reference price will be taken as security level price given by the valuation agencies.

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