Indian stock indices relatively stable Wednesday morning

On Wednesday morning, Indian stock indices mostly traded in a steady manner. Due to investors booking profits, the Sensex and Nifty each had a modest loss of 0.1% at the time this story was written. On Tuesday, markets edged higher and gained over half a per cent, tracking upbeat global cues. Overall, the market sentiment seems positive after inflation continued to moderate, consistent purchases by foreign portfolio investors and a strong growth outlook.
Inflation now is at a two-year low of 4.25 per cent.
Retail inflation or (Consumer Price Index) in India peaked at 7.8 per cent in April 2022 to a two-year low now, driven by a reduction in food and core inflation. In some advanced countries, inflation had in fact touched a multi-decade high and even breached the 10 per cent mark
Speaking at the opening plenary address of Summer Meetings organised by Central Banking, London, UK on Tuesday, RBI Governor Shaktikanta Das said India’s growth over the past few years is mainly driven by robust domestic demand and added the country will continue to remain among the fastest-growing large economies in 2023. Das predicts that India’s real GDP will increase by 6.5% between 2023 and 2024. India “will most likely continue to rank among the large economies with the fastest growth rates in 2023.”