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Hi there. Welcome to ETMarkets Morning, the show about money, business and markets. I am Sandeep Singh.
Let’s start with a quick glance on the state of the markets.
Dalal Street looked headed for solid rebound. Nifty futures traded strong this morning and other Asian markets showed strength. US stocks saw rebound overnight as President Joe Biden doubled his target for administering Covid-19 vaccines. The Dow rose some 200 points. US 10-year yields rose slightly to 1.62% after another lacklustre auction of seven-year notes. Crude oil reversed its rally after surging a day prior when a container ship got stuck in the Suez Canal. The ship may block the vital shipping lane for weeks. And in currencies, the US dollar headed for its best week in three.
That said, here’s what else is making news.
Residential real estate has staged a comeback in the country’s top seven property markets, with sales exceeding the pre-pandemic levels, driven by record-low interest rates, discounts offered by developers, lower prices and stamp duty cuts in key areas. The improved sales momentum has lifted confidence among realty developers, pushing them to launch more projects. Sales have grown 29% to 58,290 apartments in the March quarter so far, led by a robust performance in the Mumbai Metropolitan Region, Pune and Hyderabad. Rounding out the top seven are the NCR, Bengaluru, Chennai