On Monday, Indian stocks plunged 2.5 percent while the currency hit a new low. After a record US inflation reading fueled expectations of more extreme monetary tightening by the US Fed, stocks continued to fall. Markets are also dealing with Covid outbreaks in China, where widespread virus testing has resumed in Beijing and Shanghai.
In response to a sell-off in global markets, India’s key equity indices fell more than 2.5 percent on Monday. The rupee fell 20 paise versus the US dollar, closing at an all-time low of 78.13.
The Sensex finished the day with a loss of 1,456.74 points. The Nifty fell 427.40 points. All sectoral indexes finished lower, with the bank, IT, real estate, PSUs, oil & gas, and other indices falling 2% to 3% apiece. Midcaps and smallcaps were also in the red at the end of the day.
On Tuesday, Indian stock markets regained lost ground. The broader markets were also showing signs of improvement, with the BSE MidCap and SmallCap indices climbing up to 0.7 percent.
Financials and Consumer Durables were the worst-affected sectors, with losses of up to 1%. The performance of Nifty Metals and FMCG was subdued. Since 2015, Sequoia Capital has been investing in Southeast Asian businesses through a common India fund.
Sequoia Capital has raised a total of $2.85 billion to fund Indian and Southeast Asian firms, indicating that the venture capital firm is looking beyond the region’s present lack of new business investment. The remaining $2 billion was raised through Indian venture capital and growth equity funds.
Sequoia India has invested over $8 billion in India and Southeast Asia, including the freshly raised funds.
Since a record $35 billion in funding was raised by Indian companies last year, funding has slowed. Companies have been struggling to secure funding, and some have had to lay off personnel as a result of the global tech downturn.
Elon Musk will address Twitter Inc. (TWTR) staff at a company-wide meeting this week for the first time since announcing his $44 billion proposals in April.
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