Indian stock indices recovered on Monday, though not entirely, after the Budget day nosedive, partly due to value buying and weakening global crude oil prices.
Global investment bank Morgan Stanley has reiterated a constructive view on Indian equities following the Union Budget, placing an overweight stance on Financials, Consumer Discretionary and Industrials, according to its latest report.
The report highlighted that Indian equities are facing growing disruption threats across sectors, while Indian companies have not made meaningful investments to counter these challenges.
Domestic stock markets opened under heavy selling pressure on Friday amid heightened global market volatility, triggered largely by sharp swings in gold and silver prices.
The share market in the country opened flat on Tuesday as investors remained in a wait-and-watch mode ahead of the upcoming Union Budget this weekend, with market volatility showing signs of cooling.
The domestic equity benchmarks opened nearly flat but in green on Tuesday as investors remained cautious ahead of the much-anticipated India-European Union Free Trade Agreement (FTA), which is expected to be signed today.
Indian stock markets are closed on Monday on account of Republic Day celebrations, with trading remaining shut across both major stock exchanges, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
At the time of market closing, Sensex was up 397.74 points or 0.49% at 82,307.37 while Nifty was up 132.40 points or 0.53% at 25,289.90. Indian rupee ended higher at 91.62 per dollar against previous close of 91.7.
The domestic stock markets continued their weak trend on Wednesday, with benchmark indices opening in the red amid subdued global cues and rising risk aversion.
Indian equity benchmarks commenced the fresh trading week on a downward trajectory on Monday, as global risk appetite seemed to have faded following new international trade threats. The Sensex and Nifty closed 0.4 per cent lower each today.