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Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 158.95 crore, according to exchange data.Brent crude futures, the global oil benchmark, declined 1.11 per cent to USD 83.14 per barrel.

“In metals, we like specialty steel play, alloy steel play which is Mukand. It is more a turnaround story with the Bajaj Group now having 74% stake in them. They have retired almost Rs 1500 crore of debt and the turnover is inching towards Rs 6,000 crore. It is a nice restructuring turnaround as well as nice operating and financial leverage playing out.”

“FMCG might still be a bit slow growth in rural parts of the economy, but that is already priced in. People know it. We have been talking about this for some time. I am less worried about that. I am trying to focus on what Putin says as these kinds of things will keep the markets on toes as the first year anniversary of the Ukraine attack looms.”

“The conservative investor does not need to stagger his investment. They should divide debt allocation in parts. The money which they think is an emergency fund and may be needed in less than one year, should go to liquid or short-term funds. The money they can park for three to five years and are okay with volatility there, should go to long-debt funds.”

The current chart pattern indicates an upside break-out of the down sloping trend line at Rs 2,090 levels.

On a weekly timeframe, the price has been rising continuously with higher highs and higher lows formation. In addition, the price has been also trading above the 20-days exponential moving averages from the last few weeks indicating a strong bullish trend.

The annual outlook is expected to worsen for the next fiscal year as a global slowdown and rising interest rates weigh on growth. The Reserve Bank of India (RBI) has projected FY24 growth at 6.4%, but economists expect an even lower number.

Profit before tax rose to $1.28 billion in the year ended December 2022 from $1.11 billion a year ago. CEO Hitendra Dave said the bank will continue to expand its balance sheet in the country and look for new customers as more and more companies as well as individuals look abroad for growth.

The facility was launched through token transactions using the UPI-PayNow linkage. PM Modi called the venture a new milestone in relations between the two countries. "The linkage of Unified Payments Interface (UPI) and PayNow is a new milestone in India-Singapore relations and its launch is a gift to the citizens of the two countries," PM Modi said.

Lagarde said the ECB was monitoring wage growth "very, very closely" because it is a key driver of inflation but the current catch up process was quite normal.