Why ULIP mis-selling has become rampant ?
Why is there so much mis-selling of ULIP? How to avoid this mis-selling? Who should take ULIP?
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 38 points at the opening bell. The Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) is scheduled to meet from 6 to 8 December 2021. MPC’s interest rate decision will be disclosed on Wednesday, 8 December 2021. In the previous meeting, MPC kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4%.
Global markets
Overseas, Asian stocks are trading lower on Monday as Omicron emerged in more countries and investors faced a week-long wait for key U.S. inflation figures that could settle the course of interest rates.
Wall Street’s major indexes closed lower on Friday, with the Nasdaq leading the declines as investors bet that a strong jobs report would not slow the Federal Reserve’s withdrawal of support while they grappled with uncertainty around the Omicron coronavirus variant.
US employers added 210,000 jobs last month, a U.S. Labor Department report showed Friday. But average hourly earnings over the past 12 months rose 4.8%, the unemployment rate dropped to 4.2%, and the workforce grew by the most in 13 months.
The World Health Organization on Friday said the Covid omicron variant has been detected in 38 countries, up from 23 two days ago, with early data suggesting the strain is more contagious than delta.
Domestic markets
Back home, domestic equity indices snapped two day rising streak and ended with steep losses on Friday. The barometer index, the S&P BSE Sensex, dropped 764.83 points or 1.31% at 57,696.83. The Nifty 50 index tumbled 204.95 points or 1.18% at 17,196.70.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,356.17 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,648.79 crore in the Indian equity market on 3 December, provisional data showed.