India’s benchmark stock index (NSEI) closed around 17380.00 Tuesday, edged up almost +0.14%. On Tuesday, Nifty made another new lifetime high around 17438.30 soon after opening amid positive U.S. cues and easing of India’s elevated inflation. India’s Central Bank RBI has virtually changed its inflation target from mid-band +4.00% to upper-tolerance band +6.00%to stay lower for longer amid lingering COVID disruption to support economic recovery and growth on a sustainable basis (under flexible inflation targeting mechanism amid an unprecedented economic situation like COVID).
The Indian market risk appetite was also boosted by signs of COVID curve flattening amid steady progress of vaccinations and also natural infections. As per the government-backed serological survey, almost 70% of the Indian population may have COVID antibodies either due to natural infections or artificial vaccinations. The country is now operating almost 95% of pre-COVID levels adhering to basic COVID…