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Nifty 50 Records Fresh All-Time High, Farmers Pause Protests Following Talks

INDIA
  • The Nifty 50 has pierced its early February highs, recording a fresh all-time high of 22,186 before closing around 0.4% in the green. Financials and energy stocks primarily led the gains. Indian equities slightly lagged the major Chinese benchmarks, however, with the post-LNY re-opening of mainland China markets the focus during Asia trade. While the initial equity uptick in China was perhaps a little more subdued than expected, the CSI-30 index firmed around 1% into the end of the session.
  • With Asia-Pac interbank FX volumes still muted despite the return of market participants, CNHINR edged higher for the fourth consecutive session, but still remains within close proximity to the 3-month lows recorded in early Feb. Meanwhile, USDINR closed the session marginally lower, though ranges were well-contained within Friday’s extremes.
  • Indian farmers paused their protests following the latest round of talks with the government on Sunday. During the talks, the government proposed buying crops including corn and pulses at minimum support prices for five years, NDTV reported, citing comments from the commerce minister.
  • Looking ahead, preliminary PMI figures on Thursday highlight what is otherwise a quiet week for data in India.
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