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 Breaking Property News.

More Information

26 ℃

Mostly Cloudy in Seletar

International Business

Section

Adidas launches newest running shoes costing $500

LONDON, UK: This week, Adidas' newest running shoes, the Adizero Adios Pro Evo 1, went on sale for US$500. Worn ...

Pakistan notifies hike in LPG price by PKR 20 per kg, domestic cylinder price touches PKR 3079

Islamabad [Pakistan], September 30 (ANI): Dealing a further blow to the people already saddled with mounting inflation, Pakistan's Oil and ...

Pakistan: PIA service hit as five aircraft with no engines grounded

Islamabad [Pakistan], September 30 (ANI): Flight services of the Pakistan International Airlines' (PIA) were disrupted after five three Boing 777 ...

RBI extends deadline to exchange Rs 2,000 banknotes till October 7

Mumbai (Maharashtra) [India], September 30 (ANI): The Reserve Bank of India (RBI) has announced an extension of the deadline for ...

IMF Executive Board approves USD 1.3 bn for Morocco under Resilience and Sustainability Facility Arrangement

Washington DC [US], September 30 (ANI/WAM): The International Monetary Fund (IMF) Executive Board approved a Resilience and Sustainability Facility (RSF) ...

World Bank approves USD 365 mn for advancing girls, women empowerment in Western, Central Africa

Washington DC [US], September 30 (ANI/WAM): The World Bank Board of Directors today approved USD 365 million in International Development ...

Construction

Section