Benchmark indices remained under pressure after S&P maintained status quo on sovereign rating amid a likely rise in volatility ahead of expiry of November futures & options contracts and looming Opec meeting on oil output cut later this week.
S&P on Friday kept its India rating unchanged at the lowest investment grade of BBB–, with a stable outlook, citing a sizeable fiscal deficit, high general government debt and low per capita income.
Meanwhile, foreign investors have pumped over $2.6 billion in the country's capital markets this month so far, propelled by government's announcement of recapitalising PSU banks and India faring well in the World Bank's 'ease of doing business index'.
Globally, Asian stocks gave back earlier modest gains and fell back from a decade high on Monday, weighed by weakness in the Chinese and South Korean markets, while the euro reached a two-month top against the dollar.
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