Global: Financial markets got a boost from efforts to boost dollar liquidity, signs of stronger policy responses and monetary easing in key emerging markets. Equity markets rallied sharply from recent lows and yields eased at the short tend. Commodity prices moved up and the US dollar gave up some of the recent gains.
India – Equity: Domestic indices, especially the large cap ones, rallied sharply on the back of positive global sentiment. GDP data pointed towards a slowdown led by weakness in manufacturing, while services sector maintained strength. At these levels, strong policy actions (read reforms) can act as a positive trigger and also help in addressing infrastructure bottlenecks.
India – Debt: Yields fell across the curve on increased hopes of an easier monetary policy, even as liquidity remained tight. The rupee benefited from the dollar's weakness and the auction of new FII investment limits witnessed strong demand. Fiscal deficit numbers came in higher than last year levels for the same period.
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