"The pessimism can be attributed to the harsh tone by the Fed officials over the weekend that rates will not fall until there is clear, strong evidence inflation is falling", according to Prashanth Tapse, research analyst and senior vice president at Mehta Equities.before inflation is "well on track" to fall to its 2% target, even if the economy were to "weaken appreciably.
Foreign institutional investors sold 7.51 billion Indian rupees worth of equities on Friday, while domestic investors bought 8.90 billion rupees of shares, per provisional NSE data.
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