After lagging behind in January, Indian equities significantly outperformed Emerging Markets (EMs) on post-budget euphoria. The Union Budget which was presented on February 1, 2021, stressed upon higher public capital expenditure.
Indian sovereign bond closed at 6.23% up by 35 bps vs 5.91%. A rise in commodity prices has fanned inflation risks, pushing bond yields higher. The central bank conducted a special OMO, entailing simultaneous purchase and sale of G-Secs aggregating Rs 15,000 crore each on March 4.
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