Ripples Advisory, Markets to make a weak start reacting to Fed decision to hike rates

The Indian markets despite choppiness managed a modestly positive close in the last session, led by the banking sector on reports that RBI is pushing for bankruptcy proceedings against 12 corporate borrowers. Today, the start is likely to be in red on weak regional cues, as the US Federal Reserve raised interest rates, citing continued US economic growth and job market strength, and announced it would begin cutting its holdings of bonds and other securities this year. On the domestic front, some support can come with the Union Cabinet approving the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation in banks, insurance companies, and financial sector entities.

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