Sensex Hits 82,600, Nifty Surpasses 25,300
On Monday morning, Indian market indices traded slightly higher even after closing out the previous session in the negative. At the meantime when this post was being written, both the Sensex and the Nifty were up 0.2-0.3%.
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.
Ajit Mishra, SVP-Technical Research, Religare Broking Ltd., claims that profit-taking is being driven by negative global cues, which are mostly dampening mood and affecting markets worldwide, including India.
Additionally, last week saw a top in Indian stock indices due to a number of solid economic measures, such as inflation, GDP, and investment optimism. The rate of inflation in the US and India is declining, but it remains to be seen if this trend will continue.
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