Indian stock indices steady but around their all-time highs


On Wednesday morning, Indian Stock indices traded largely unchanged and remained at all-time highs for the third day in a row.

At 9.49 a.m., the Sensex was trading at 62,678.90 points, down 2.94 points or 0.0047 percent.  While the Nifty was trading at 18,629.95 points, up 11.90 points or 0.064 percent.

The robust inflows of foreign funds, the relative strength of the rupee, and the US Fed’s hint of a rate cut have kept Indian stock markets buoyant.

According to the minutes of the US Federal Reserve’s most recent monetary policy review meeting. A sizable majority of participants believed that a slowdown in the rate of policy rate increases would probably “soon be appropriate.”

Coming to foreign funds, they purchased almost Rs 35,000 crore worth of equities in India in November, NSDL data showed.

Among the Nifty 50 companies, Hindalco, JSW Steel, Tata Steel, Dr. Reddy’s, and Bajaj Auto are the top gainers. Whereas HCL Tech, Infosys, Tech Mahindra, BPCL, and Apollo Hospitals are the top losers, National Stock Exchange data showed.

“An important feature of the ongoing rally which has taken the Sensex and Nifty to record highs is that this is a mature rally led by high-quality stocks in performing sectors. There is no celebration in the market because this rally has bypassed the broad market,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Vijayakumar added profit booking and selling by domestic institutional investors at higher levels can trigger corrections.

Further, Rupee opened at 81.64 versus the previous session’s closing of 81.72. For the record, in October, the rupee breached the 83 mark for the first time in its history.

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