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Foreign Portfolio Investors (FPIs) continued their bullish stance on the country's debt markets with a net infusion of over Rs 18,500 crore so far this month, driven by upcoming inclusion of Indian government bonds in the JP Morgan Index. This came following a net investment of over Rs 19,836 crore in January, making it the highest monthly inflow in more than six years. This was the highest inflow since June 2017, when they infused Rs 25,685 crore. "With introduction of India in global bond indices this year, Indian debt inflows should get steady flows going ahead. Also, further front-loading before actual inclusion in June this year is also expected. This is also in line with long-term aim to deepen our underdeveloped debt-markets," Kislay Upadhyay, smallcase Manager & Founder Fidelfolio, said. On the other hand, foreign investors pulled out Rs 424 crore from equities during the period under review. Before this, they withdrew a massive Rs 25,743 crore in January, data with the ..
Hong Kong's leader on Wednesday cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub. Chief Executive John Lee said the extra stamp duties imposed on non-resident buyers and current local homeowners looking to buy additional properties would be halved, making the first easing over the past decade since property cooling measures were introduced. In his annual policy address, Lee also unveiled plans to reduce stamp duty on stock transactions to 0.1% from 0.13%, saying a vibrant stock market is vital to upholding the city's status as a financial hub. After the easing of COVID-19 restrictions, Hong Kong's economy has begun to recover, fuelled by growth in tourism and private consumption. The city's economy expanded 2.2% in the first half of 2023 year-on-year and is expected to grow between 4% and 5% for the full year. However, the path to full recovery remains uneven, particularly with geopolitics tensio
Shares of Jio Financial Services Ltd (JFSL), the demerged financial services unit of Reliance Industries, on Wednesday touched its upper circuit limit for the third consecutive day. Jio Financial Services jumped by 4.99 per cent to close at Rs 232.70 apiece -- its upper circuit limit -- on the BSE. On the NSE, it climbed 4.99 per cent to hit its upper circuit limit of Rs 231.25 per share. The company commanded a market valuation of Rs 1,47,840.92 crore on the BSE. In volume terms, 72.41 lakh shares were traded on the BSE while 2.14 crore shares were traded on the NSE. The 30-share BSE Sensex and Nifty closed on a flat note at 65,087.25 points and 19,347.45 points, respectively, on Wednesday. During the Annual General Meeting (AGM) on Monday, Reliance Industries Chairman Mukesh Ambani announced that Jio Financial Services will enter the insurance segment to offer life, general and health insurance products. It will leverage 450 million mobile phone subscribers' base of the teleco
Foreign investors have put in Rs 30,945 crore in the Indian equities in May so far, driven by strong macroeconomic fundamentals, prospect of reducing interest rates, positive earnings outlook and falling valuations of stocks. With this, net inflows by Foreign Portfolio Investors (FPIs) reached Rs 16,365 crore in 2023 so far, data available with the depositories showed. Going forward, FPI investment in India is expected to continue since the prospects for the Indian economy and corporate earnings growth appear bright now, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. According to data from the depositories, FPIs invested a net sum of Rs 30,945 crore in Indian equities during May 2 - May 19. This came following a net infusion of Rs 11,630 crore in equities in April and Rs 7,936 crore in March. The March investment was mainly driven by bulk investment in the Adani Group companies by the US-based GQG Partners. However, if one adjusts for the investmen