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Broadly, the tone of the market was bullish with midcaps and small-caps outperforming on Thursday after RBI paused repo rate hike in an unexpected move. Sensex and Nifty 50 rallied for the fifth day in a row.
As per RBI's latest report, India's reserves stood at $560.003 billion in the week ending March 10th, down by $2.397 billion. In the previous week which ended on March 3rd, reserves halted four consecutive weeks of losing streak to rise by $1.458 billion to $562.40 billion.
As per NSDL data, FPIs infused ₹13,540 crore in Indian equities from March 1st to 10th..This includes the mega block deal in four companies of the Adani Group.
Broad-based selloffs pushed Sensex and Nifty 50 down for seven days in row. Smallcap stocks were under pressure. Banking stocks outperformed benchmarks but could not offset the bears due to steep selloffs in IT, auto, and healthcare stocks.
In the previous week that ended February 10, reserves registered the biggest weekly drop in more than 11 months by $8.319 billion to $566.948 billion.. The last time, forex reserves were up was in the week that ended on January 27, 2023.