The week was off to a good start over the renewed push for vaccination that followed Prime Minister Narendra Modi’s announcement of free COVID-19 jab for all. A large part of the country’s population is expected to be vaccinated during the year, an encouraging sign for the market.
The announcement was hardly a surprise but it gave confidence to the market, holding the promise of a quicker economic recovery. So even though the global market was negative due to Federal Reserve’s monetary policy and chairman Jerome Powell’s testimony in front of the US Congress, India clawed out of the muted trend with a good performance.
PSU banks were among the top sectoral performers on reports of the government zeroing in on Central Bank of India and Indian Overseas Bank for privatisation.
Western markets rebounded with a focus on economic recovery, based on progressive data announcements. It partially offset the concerns over a possible change in the Fed’s policy.