Indian stock indices rose marginally Monday morning but analysts pointed out that any further rally from the current levels is unlikely.
Notably, Sensex seems to have anchored around 65,000 points. Benchmark Sensex and Nifty were 0.3 per cent higher this morning.
The consistent inflow of foreign funds, firm economic outlook, and moderation in inflation supported Indian stocks in the latest bull run.
Reliance Industries, Bajaj Auto, and HDFC Life were among the top gainers in Nifty 50, while NSE data showed HCL Technologies, Bajaj Finance, and Titan among the losers.
On Friday, Indian stock markets witnessed profit booking after going through a consistent bull run in the past eight-odd trading sessions.
“After the recent surge that took the benchmark indices to new highs, the market is likely to move to a consolidation mode,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sticky core inflation in the US is also likely to restrain the ongoing rally in the Indian market, added Vijayakumar. “In brief, the market is likely to move into a consolidation phase.”
