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The broader market indices were trading lower; S&P BSE MidCap was down 0.37% whereas S&P BSE SmallCap was lower by 0.44%.
Thirteen out the 19 sectors compiled by BSE declined, whereas six sectors advanced in trade.
The market breadth was skewed in the favour of sellers. About 1,308 stocks rose 2,019 declined, and 124 remained unchanged on the BSE.
The yield on the 10-year bond declined by 2 bps to 7.31%, as of 10:49 a.m., on Friday. It closed at 7.33% on Thursday.
Source: Bloomberg
The local currency was trading flat at 82.25 as of 10:02 a.m. on Friday.
It weakened 4 paise to open at 82.30, before strengthening to 82.23 by 9:10 a.m. on Friday.
It closed at 82.26 on Thursday.
Source: Bloomberg
The broader market indices were mixed; S&P BSE MidCap was down 0.13% whereas S&P BSE SmallCap was unchanged at 0%.
Ten out the 19 sectors compiled by BSE declined, whereas nine sectors advanced in trade.
The market breadth was skewed in the favour of buyers. About 1,309 stocks rose 954 declined, and 101 remained unchanged on the BSE.
Source: BSE
At pre-open, the S&P BSE Sensex Index was down 35 points or 0.06% at 57,890.66 while the NSE Nifty 50 Index was unchanged, just lower by 0.70 points at 17,076.20.
Source: Bloomberg
The local currency weakened by 4 paise to open at 82.30 against the greenback on Friday. It closed at 82.26 on Thursday.
Source: Bloomberg
Jefferies' Christopher Woods expects a potential for outperformance by India as China's valuation differential reverts after economy re-opening.
The valuation differential between India and China has reverted to its traditional mean after the huge 65% outperformance of MSCI China over MSCI India.
Expect a renewed outperformance by India in an Asian and emerging market context, as the dedicated long-only foreign investors are "Underweight" India.
Domestic equity mutual fund inflows remained positive.
Domestic demand story in India certainly remains intact to justify continuing belief in equity market.
Expect an end to monetary tightening following 290 bps of hikes since April 2022, with the policy repo rate now at 6.5%.
The challenge in India remains relatively high valuations.
GREED & fear will remain slightly Overweight India in the Asia Pacific ex-Japan relative-return portfolio.
In the Asia ex-Japan long-only portfolio, which is long term by nature and less benchmark focused, 39% of the portfolio remains invested in India.
Source: GREED & fear note
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