Following the downfall, investors lost around Rs 4.95 lakh crore amid sell-off in the broader market where the benchmark BSE Sensex tumbled 1,275 points or 3.6 per cent in opening trade. However, Finance and Revenue Secretary, Hasmukh Adhia clarified the Indian government's stance and was quoted by The Times of India as saying that though the local markets were weak due to global markets being weak, the government would look into the situation. According to reports, strong prospects of the Fed hiking interest rates in the next month has led to a spike in United States bond yields, which touched 2.89%, highest level in almost four years.
While the domestic market remained happy with the rising Nifty and Sensex, International Monetary Fund (IMF) revised the potential economic growth rate for the upcoming financial year, 2018-2019. Lupin Ltd. erased 5.7 percent of its value after third-quarter profit missed estimates. The intraday recovery came as USA index futures recouped early losses and pointed to some relief following the overnight slump.
There was increase in share prices in all sectors, with oil, metal, gas, energy and banking sectors leading the line.
"We have turned completely from greed to fear and, hopefully, the fear should settle down without any systemic damage".
All the 19 sectoral indices on the BSE declined, with the IT pack leading the indices. Potentially higher bond yields also dampened sentiments in U.S. markets.
Traders will also keep an eye on the Reserve Bank of India's (RBI) interest rate decision on 7 February. In the poll of 60 economists, taken after the Budget announcement, 58 said the RBI would keep key rates unchanged - the repo at 6.00 per cent and the reverse repo at 5.75 per cent - when it meets on Wednesday. Only one expects a rate hike of 25 basis points.
On 1 February the government informed that it breached its fiscal deficit target to 3.5% from the earlier target of 3.2% and revised its deficit target to 3.3% from 3% earlier for FY18.
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