<p>While calculating the hash table bucket index from the hash code of a key, why do we avoid use of remainder after division (modulo) when the size of the array of buckets is a power of 2?</p>

When calculating the hash, you want as much information as you can cheaply munge things into with good distribution across the entire range of bits: e.g. 32-bit unsigned integers are usually good, unless you have a lot (>3 billion) of items to store in the hash table.
It's converting the hash code into a bucket index that you're really interested in. When the number of buckets n is a power of two, all you need to do is do an AND operation between hash code h and (n-1), and the result is equal to h mod n.
A reason this may be bad is that the AND operation is simply discarding bits - the high-level bits - from the hash code. This may be good or bad, depending on other things. On one hand, it will be very fast, since AND is a lot faster than division (and is the usual reason why you would choose to use a power of 2 number of buckets), but on the other hand, poor hash functions may have poor entropy in the lower bits: that is, the lower bits don't change much when the data being hashed changes.