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The funds will come in handy for credit growth, and the bank would not need to maintain any statutory liquidity ratio or cash reserve ratio for funds raised through such bond issuances, the official said, requesting anonymity because he is not allowed to talk to media.

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"Discretionary spending is at absolutely new highs and the index is 20 to 30% higher on a 2-3 year basis. Phoenix wants to be a city centric large retail-led mall sort of a real estate player but their vision is primary retail led. About 10-15 years ago they tried to go to the then smaller cities such as Indore, Lucknow etc. All those cities have grown much bigger over the years.”

From the Sensex pack, Axis Bank, Titan, TCS, Tech Mahindra and Sun Pharma were the top gainers, rising over 1%. IndusInd Bank, Wipro, Nestle, Bajaj Finance and HDFC Bank also closed with gains

In the overseas market, gold was trading in green at $1,843 per ounce while silver was up at $24.37 per ounce

The Reserve Bank of India raised the repo rate by 225 basis points to 6.25% in 2022 and most market participants expect the central bank to go on a long pause after another hike to 6.50% next month.Long-term players like insurance companies and pension funds have received inflows, which went towards government bond purchases given the lack of any major debt supply at the start of the new year.

GLOBAL-Oil falls as outlook for China, global economy weigh

The Nifty50 closed 0.19% higher at 18,232.55, while Sensex rose 0.21% to 61,294.20. Twenty-six of the Nifty 50 constituents advanced with HDFC Life, SBI Life, Axis Bank, and Titan among the top gainers.

"Healthy disbursement trends have led to business assets at approximately Rs 77,000 crore, a growth of 4.3% over September 2022. This resulted in the growth of 18.5% vs March 2022," the company said in a BSE filing.

As of 30-Sep-2022, promoters held 74.99 per cent stake in the company, while FIIs held 8.59 per cent and domestic institutional investors had 6.33 per cent.