Indian stock indices traded marginally lower in the morning session, largely due to continued profit booking by investors after the recent gains and as investors await the outcome of the Reserve Bank of India’s monetary policy meet which is underway. Notably, this is the third straight session of fall after the indices had hit their fresh lifetime highs last week.
At the time of writing this report, Sensex traded at 62,600.88 points, down 233.72 points or 0.37 per cent, whereas Nifty traded at 18,627.45 points, down 73.60 points or 0.39 per cent. “Market continued its profit booking trend from the record high as they exercised prudence ahead of the RBI policy announcement on December 7,” said Vinod Nair, Head of Research at Geojit Financial Services.
For the record, the benchmark indices had hit their lifetime highs for the fourth straight day till Thursday. Sensex breached the 63,000 mark on Wednesday. From 60,000 to 63,000, the markets took 14 months time.
Robust foreign fund inflows into Indian equities, the appreciating Rupee, and hints by the US central bank about the moderating rate of interest hikes supported investors’ sentiment.
The US Federal Reserve Chair Jerome Powell last week hinted about moderating interest rate hikes in the next monetary policy meeting.(ANI)