Tech Rout Deepens India Stock Slump as Austerity Steps Kick Off
A recovery in tech shares may be slow, Bajaj Broking says.
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Good morning...
I’m Ashutosh Joshi in Mumbai, and we are still only at the midpoint of this eventful week on the Indian policy front.
Local equities look set for another cautious start after four straight days of losses, as the hike in import tariffs on gold and silver signals more such measures ahead by the government to defend the struggling rupee. Duties on gold and silver have been more than doubled — a move that could likely cool demand, and extend the selloff in jewelry stocks. It also sends out a message that the government is willing to cut back on consumption to bolster the currency.
The market could still find some support from the recovery in Asian equities this morning