Sun, Apr 21, 2024 10:08 AM
Short covering aided rally in Nifty likely to continue during next week
A Flip by Riya Sharma
Indonesia claimed victory after Apple Inc. offered to increase its investment in the country to $1 billion to get President Prabowo Subianto’s government to lift a ban on the sale of iPhone 16s. The win may be short-lived. Indonesia needs a manufacturing revival to create jobs and boost economic activity to meet Prabowo’s target of 8% annual growth in the next five years.
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📌Insurance sector stocks are likely to remain in focus on Monday as the GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums. 📌Major global markets will be closed on Wednesday December 25, 2025 on account of Christmas. 📌The rupee saw a recovery from its all-time low level and appreciated 9 paise to close at 85.04 against the USD on Friday.
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Foreign portfolio investors (FPIs) sold Indian shares worth over Rs 1 lakh crore in financials and oil & gas sectors in 2024, with financials being the most severely impacted, selling shares worth Rs 53,942 crore. Meanwhile, capital goods, consumer services, and healthcare saw inflows. Experts expect moderate returns in 2025, with a focus on domestic-driven sectors.
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