Indian stock indices traded marginally higher Monday morning after having settled in the red the previous session.
Sensex and Nifty were 0.2-0.3 per cent higher at the time of writing this report. According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the global stock market rally appears to be losing steam.
“Last week S&P 500 lost its 5-week winning streak and in India last week the Mid and Small-cap indices lost their 12-week winning streak. The next two days will decide whether this trend will sustain or not,” Vijayakumar noted, advising investors to “wait and watch” for new directions in the financial market.
According to Ajit Mishra, SVP – Technical Research, Religare Broking Ltd, weak global cues are largely weighing on the sentiment and prompting profit-taking across markets including in India.
Notably, Indian stock indices peaked last week on various firm economic indicators – including inflation, GDP, and investments outlook.
The inflation in the US and India is moderating, but what is to be seen is whether this trend is sustainable. (ANI)
