Indian benchmark equity indices continued to trade in the red due to negative global cues and HDFC Bank’s disappointing quarterly results. The bank’s net profit rose 34% YoY, but investors were concerned about loan growth and margins. The dollar index reached a one-month high, impacting import costs and widening the current account deficit. Asian markets declined, led by Chinese stocks, as the country’s economy grew 5.2% in Q4 2023. The 10-year Treasury yield rose above 4%, causing concerns about potential Fed rate cuts. The mid and small cap space remained overvalued despite the high liquidity in the system.
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