The Sensex and Nifty are poised to open lower on Monday, in line with Asian peers as interest rate hikes by the global central banks have strengthened fears of recession.
SEBI on Wednesday allowed foreign portfolio investors (FPIs) to participate in the exchange-traded commodity derivatives market
The existing eligible foreign entity route, which required actual exposure to Indian physical commodities, has been discontinued.
A year after the onslaught of the global pandemic, FPI inflows, corporate performance, and news of the vaccines were key to the Indian equity markets’ immunity against Covid-19.
The Covid-19 pandemic failed to affect the bulls’ spirits, as benchmark indices saw absolute annual gains between 75.2% and 117.2% while FPIs pumped in a record ₹2.74 lakh crore into equities.
According to a BofA Securities report, the Covid-19 shock could delay India touching the GDP of Japan by three years. In their latest estimates, it will now happen by 2031 if the economy grows at 9%.
Rising inflation and firming bond yields in the U.S. push down Indian benchmark indices, causing a correction of around 6% from the latest life–highs of February 16.
Absence of new taxes, no tweaking of older ones, infrastructure capex focus, and stronger disinvestment intent boosts equity indices, with the Sensex recording its best Budget-day gains since 1997.
Despite the Survey’s positive tone, the Sensex and Nifty 50 closed in the red, falling nearly 8% in a matter of five trading sessions from their January 21 life–high.
Market experts welcome the 30–stock benchmark adding 6,000 points since December 1, but also caution against stretched valuations.
