Indian equities ended flat on MoM. The failure to sever the link between mobility and the virus led Indian equities to lose ground for the first half of the month. MSCI India (USD) fell 1.0% in April and underperformed peers MSCI APxJ/EM (+2.8%/2.4%) as daily new cases surged over the month.
The 10-year G-sec yield fell by 15 bps in the month from 6.18% on March 31, 2021, to 6.03% on April 30, 2021. Positive movement in bonds in the last month could be attributed to a confluence of factors. It could be a sharp decline in the US treasury yields or the economic uncertainty caused by the second wave of covid-19 infections.
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