A possible revival in corporate earnings, an imminent start to the capex cycle, possible reform processes and policy booster and projection of good monsoon led the market higher.
From that perspective, rural discretionary income and spending should go higher. The market is trying to factor in a lot of these things. Asian shares dropped, dragged by tumbling crude oil futures after producer’s talks failed to address the global supply glut.
The Japanese yen, a perceived safe-haven, benefited from the turmoil. Asian and European markets put up a poor show, but the domestic market bucked the trend to stage a stellar show.
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