In line with global equities, Indian equity markets also saw a correction during the second half of October. Domestically, the focus was on Q2FY21 earnings and the gradual reopening of the economy. COVID-19 cases in India continue to decline from their peak in mid-September. 2QFY21 earnings overall have surprised positively so far.
Indian sovereign bond closed at 5.88% vs 6.02% from its previous close ahead of the US presidential election. Traders are cautious of a contested election result and a possibility of conflict in the US weakening risk appetite globally.
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