Indian stocks subdued after scaling record highs

ANI
18 Sep 2023, 14:55 GMT+10

New Delhi [India], September 18 (ANI): Indian stock indices opened marginally in the red on Monday, with the benchmarks witnessing mild profit booking. Investors may have taken some money off the table after the indices hit their fresh highs last week.

Indian stock indices touched fresh highs on Friday, largely due to strong cues from US markets and consistent fund inflows by foreign portfolio investors. On Thursday too, they tasted fresh highs.

At the opening bell this morning, Sensex was at 67,728.52 points, down 0.16 per cent, and Nifty at 20,176.80 points, down 0.077 per cent.

This week, investors are likely to tread carefully of the U.S. Federal Reserve's meeting scheduled Tuesday-Wednesday. The US central bank in its July meeting raised its benchmark interest rate by 25 basis points, the highest in the past 22 years at 5.25-5.5 per cent, in its fight against soaring inflation and bringing it back to 2 per cent.

"Investors should exercise caution, particularly in the over-heated mid-and small-cap segments. Safety is in large-caps," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The benchmark indices added over 3 per cent each, respectively in the past month, after India's economy grew firm in the April-June quarter.

The Indian economy witnessing a firm GDP growth rate of 7.8 per cent in the first quarter (April-June) of 2023-24, and continued foreign portfolio investments are likely to have improved investors' sentiment lately. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Africa Leader.

More Information

17 ℃

Fair in Cape Town

International

Section

Migrant surge has pushed El Paso to 'breaking point', says mayor

EL PASO, Texas: Over the weekend, Oscar Leeser, Mayor of El Paso, said that the surge in migrants crossing the ...

Hong Kong court jails journalists' group chief for obstructing police

HONG KONG: This week, Ronson Chan, chairman of the Hong Kong Journalists Association, was sentenced to five days jail for ...

US plans hotline with China to prevent crisis in space

WASHINGTON D.C.: In an interview with Reuters this week, U.S. commander General Chance Saltzman said the United States Space Force ...

Fifty world leaders call on UN to bring about peace in Ukraine

As it did last year, the 2023 United Nations General Assembly has been debating what role the United Nations and ...

Criminal from Louisiana caught in Mexico after 32 years

BATON ROUGE, Louisiana: Authorities said that Greg Lawson, who fled his 1991 trial in Louisiana for attempted murder 32 years ...

Trudeau promises to continue support to Ukraine

OTTAWA, Canada: During a joint news conference with Ukrainian President Volodymyr Zelenskyy in Canada's capital, Ottawa, Prime Minister Justin Trudeau ...

Business

Section