Investors bet on quicker Indian COVID-19 recovery |
Bullish investors pushed Indian equity markets to a new high on 22nd June. Investors are betting on a faster recovery of the economy, increasing vaccination coverage and fall in coronavirus cases. The BSE Sensex hit the 53,000 mark for the first time ever before paring gains to close 14.25 points or 0.03% higher at 52,588.71. The Nifty rose 26.25 points or 0.17% to 15,772.75. Most markets in the Asia-Pacific region also posted gains. Japan, China and South Korea rallied 1 to 3 percent. During early trade on 22nd June, Indian markets traded strongly, focused on economic recovery, partially offsetting concerns over a possible change in US Federal Reserve policy in the future. Falling covid infection rate along with ramping up of vaccination added colors to the broader market on hopes of faster economic recovery. Market analysts say they will track the monsoons for recovery related to agriculture. Lifting restrictions has been much swifter in a decentralized structure compared to 2020 when the lockdown was longer and more stringent. So far in June 2021, foreign institutional institutes have been net buyers of shares worth $1.74 billion while investing $8.33 billion for the calendar year so far.
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