Even as the government scurries to tackle the problem of bad loans, Finance Minister Arun Jaitley stressed that reviving banking sector and investment in private sector top his priority list. The Reserve Bank of India (RBI) and banks are working on a list of defaulters and will put out the list soon, he said.
“My next big target is banks and private sector investment… that is the bull’s eye,” Jaitley told CNBC-TV18 in an exclusive interview. The list of companies to be selected in the first instance for invoking insolvency code is almost ready, he added. “RBI should put out the details soon.”
The Indian rupee was trading at 64.33 against the US dollar on Monday, up 10 paise or 0.16 percent from Friday's closing level.
Pramit Brahmbhatt of Veracity says weak US economic data will be the reason for rupee to strengthen.
The rupee will breach 64.20 a dollar and will head towards 64, he feels. Trading range for the day will be 64-64.50, he said.
The dollar nursed losses, coming close to a seven-month low against a currency basket plumbed after disappointing US employment data prompted investors to pare back their expectations of future US Federal Reserve rate hikes.
Sanjay Mookim of Bank of America Merrill Lynch says the GST council has finalised rates for several previously undecided categories.
More critically, the government has reiterated its intention to stick to the July 1 deadline. A deferral now seems likely only if technology at the government's end were to be delayed, he feels.
According to him, the GST transition is likely to create cash flow/margin volatility for many companies over the next few quarters. As much of the equity rally seems driven by falling cost of equity, this uncertainty could hurt, he feels.
He stays cautious near term. December-end Sensex target of 30,000 implies little upside, he said, adding he prefers financials.
Equity benchmarks started off the week on flat note after the GST Council meet, with the Nifty holding 9650 level.
The 30-share BSE Sensex was down 17.08 points at 31,256.21 and the 50-share NSE Nifty rose 3.50 points to 9,657. About 576 shares advanced against 222 declining shares on the BSE.
Sun Pharma, Cipla, BHEL, Adani Ports, Hero Motocorp, Bharti Infratel, IOC, Indiabulls Housing and Aurobindo Pharma were early gainers while ITC, Lupin, Coal India, Wipro, HDFC and Dr Reddy's Labs were under pressure.To Get Free Trial
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