Indian sovereign bond closed at 5.88%. The government is expected to pursue easy monetary policy by reducing interest rates and infusing surplus liquidity for the current fiscal amid the pandemic-induced lockdown. The RBI announced special open market operations of government securities worth Rs 10,000 crore.
Indian equity market recorded a resilient performance in June, despite increase in COVID-19 cases, downgrades by rating agencies and geopolitical tensions with China. MSCI India (US$) rose 6.8% in June performing in-line with MSCI EM (7.0%) but marginally underperforming vs. MSCI APxJ (7.8%).
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