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The ratio rose to 0.47 on Friday from 0.21-0.23 in the week before last, according to data from Axis Securities. The reading had been low - mostly in the range of 0.12 to 0.22 - in the past five months as foreigners had been maintaining bearish futures bets at near-record levels in the period, while simultaneously pruning their shareholdings.
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Echoes of that era are reverberating now. The technology this time is artificial intelligence. After a wild stock market rally that sent the S&P 500 soaring 72% from its trough in October 2022 to its peak last month, adding more than $22 trillion of market value in the process, signs of trouble are emerging. Stocks are starting to sink, with the Nasdaq 100 losing more than 10% to fall into a correction and S&P 500 briefly dropping to that level. And the symmetry is raising frightening memories from a quarter century ago.
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Large private sector banks in India are blocking Indian promoters' plans to establish investment companies abroad due to concerns of sidestepping foreign currency regulations. Offshore entities can move significantly higher amounts compared to the liberalised remittance scheme, raising concerns of misuse for personal use.
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