Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited said, “The market sentiment is likely to look up today following the slight easing of the U.S. bond yields. A big positive from the rupee perspective is the huge mobilisation of $136 billion under concessional swap facility. The $127 billion mobilised under the FCNR(B) scheme has come way above the consensus estimates. The implication of this from the market perspective is that the rupee will stabilise, imparting confidence to FIIs. With improving growth and earnings prospects, FIIs are likely to continue buying in India, despite the elevated U.S. bond yields. Also, the huge FCNR(B) mobilisation by banks will help improve their NIMs. This is positive for banking stocks.”
