Indian equities posted gains last week even as rising bond yields made investors book profits at higher levels.
Foreign investors also chose to book profits, turning net sellers in the first week of March. FPIs pulled out more than Rs 5,000 crore from Indian equities over the last week.
Yields on the 10-year treasuries in the U.S. have climbed back to the 1.6% mark. Yet, futures are pointing towards a positive start to the new trading week. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.9% to 15,092 as of 7:45 a.m. on Monday.
Asian equities are rallying after U.S. President Joe Biden’s pandemic relief package worth $1.9 trillion received Senate approval. Japanese equities are outperforming, and those in China and Hong Kong are trading with gains.
Oil prices rose to their highest since May 2019 after Saudi Arabia said the world’s largest crude terminal was attacked. West Texas Intermediate crude rose 2.4% to $67.68 per barrel, while Brent crude rose 2.5% to $71.1 per barrel.
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