Equity Market Wrap - March, 2019

Indian equity market witnessed a sharp rally in month of March as opinion polls continued to indicate the possibility of current government retaining power and de-escalation in geopolitical tension between India and Pakistan. Nifty and Sensex ended higher by around 8%. BSE Midcap and Smallcap indices outperformed its larger peers with a rise between 8-10%. Global markets remained volatile despite easing US-China trade tensions. FTSE 100, Euro Stoxx, Hang Seng and Dow Jones gained between 1-2.5%. Nikkei slipped around 1%.

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Debt Market Wrap - March, 2019

Indian sovereign bond posted 5 bps fall to 7.35% in the month on March from 7.40%. RBI would launch an auction to buy dollars’ worth 5 billion on April 23 to infuse liquidity into the system. This is the second FX swap after the success of the first FX-Swap conducted by RBI for $5 billion in the month of March.

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RBI Monetary Policy Review, April, 2019

The Monetary Policy Committee (MPC) as widely expected reduced repo rate by 25 bps from 6.25% to 6% while keeping the policy stance as “neutral”. 4 members voted in favor of a cut whereas the other 2 member voted for a status quo. The stance of the policy remained unchanged at “neutral”. 5 members voted for no change in stance whereas Dr. Ravindra Dholakia voted for an accommodative stance.

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