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 Oklahoma City Sun.

More Information

87 ℉

Fair in Oklahoma City

Business

Section

U.S. stocks make minor gains, Nasdaq Composite climbs 60 points

NEW YORK, New York - With no major news Monday, and nothing on the horizon, U.S. stocks remained little moved, ...

US Federal Reserve cutting 300 people from payroll

WASHINGTON D.C.: In a small but rare reduction to its headcount, which has grown steadily since 2010, the US Federal ...

Rite Aid may close over 400 stores, allow creditors to run operations

CAMP HILL, Pennsylvania: This week, the Wall Street Journal (WSJ) reported that Rite Aid could shut down some 400 to ...

US Transportation Secretary says New York's ATC needs more staff

WASHINGTON D.C.: U.S. Transportation Secretary Pete Buttigieg has criticized the air traffic control staffing shortages in New York as "unacceptable" ...

Will 'quiet the noise' in culture wars, Disney CEO tells investors

BURBANK, California: A note by Needham media analyst Laura Martin released this week revealed that CEO Bob Iger told investors ...

$14 billion takeover bid by JIP a success: Toshiba

TOKYO, Japan: This week, Toshiba revealed that a tender offer worth US$14 billion from Japan Industrial Partners (JIP) was a ...

International

Section