Indian stock indices largely steady in early trade Wednesday

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NEW DELHI: Indian stocks opened largely steady on Wednesday, but volatility seems to have remained. At the time of writing this report, the benchmark indices Sensex and Nifty were about 0.1 per cent lower each.

Markets were closed today on Tuesday on account of Holi.

On Monday, Sensex closed at 60,224.46 points, up 415.49 points or 0.69 per cent, whereas Nifty closed at 17,711.45 points, up 117.10 points or 0.67 per cent.

Benchmark stock indices in India rose substantially on Monday to start the fresh week’s trade, with all sectoral indices in the green. Strong cues from US markets lent support to Indian indices.

On Friday too, Indian stocks went up, partly due to fresh buying after the latest consecutive session losses.

Prior to Friday, Indian stocks had fallen for over a week on weak global market conditions over concerns that global growth will continue to slow in 2023 due to monetary policy tightening by various central banks to control inflation.

“This see-saw movement appears likely to persist for some more time. The latest negative factor, from the market perspective, is Fed chief Powell’s comment that “the ultimate level of interest rate is likely to be higher than previously anticipated”. So, markets are pricing in a 50bp rate hike in the next Fed meeting on March 21-22,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. (ANI)

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