Synopsis
Foreign portfolio investors (FPIs) have been selling Indian stocks of late amid the broader risk aversion to emerging market stocks on fears that expectations of rising rates in the US could led to the dollar strengthening. On Wednesday, FPIs sold Indian shares worth Rs 1,260.6 crore, taking their total sales tally for May so far to Rs 4,400 crore.
Moody s Investor Service said Tuesday that the second wave of Covid would slow India’s near-term economic recovery. It has slashed India s real GDP growth forecast to 9.3 per cent from 13.7 per cent for FY22.
Mumbai: Indian stocks dropped 1 per cent on Wednesday, mirroring the weakness in Asian markets, over worries that a jump in inflation in the US could lead to interest rate hikes there. The unabated surge in Covid-19 cases across the country added to the jitters as lockdowns in various states have disrupted business, triggering a spate of downgrades in growth estimates.
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Investors weren t loving the quarterly report Thursday from Alibaba (
The drop came despite better-than-expected revenue but a miss on profit expectations. Management also provided full-year revenue estimates that were ahead of analysts’ expectations.
For many investors, they likely expected those results to give the stock a lift, particularly as shares have struggled to gain upside traction.
Coming into the report, Alibaba stock was down about 31% from the highs.
About a month ago, Alibaba was handed down a record fine from Chinese regulators. However, the fine was smaller than investors were expecting and Alibaba was bid higher as a result.
Bulls enjoyed the news, hoping it would put the company’s regulatory issues in the rearview mirror. While that may be true, the stock isn’t trading much better.