Indian stock indices largely steady Wednesday morning

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NEW DELHI: Indian stock indices traded largely steady on Wednesday morning. The BSE Sensex and NSE Nifty traded with a minor 0.1 per cent loss each in morning trade, attributable to profit booking by investors.

On Tuesday, markets edged higher and gained over 0.5 per cent, tracking upbeat global cues. Overall, the market sentiment seems positive after inflation continued to moderate, consistent purchases by foreign portfolio investors and a strong growth outlook.

Inflation now is at a two-year low of 4.25 per cent. Retail inflation or (Consumer Price Index) in India peaked at 7.8 per cent in April 2022 to a two-year low now, driven by a reduction in food and core inflation. In some advanced countries, inflation had in fact touched a multi-decade high and even breached the 10 per cent mark

Speaking at the opening plenary address of Summer Meetings organised by Central Banking, London, UK, on Tuesday, RBI Governor Shaktikanta Das said India’s growth over the past few years is mainly driven by robust domestic demand and added that the country will continue to remain among the fastest-growing large economies in 2023.

For 2023-24, Das expects India’s real GDP to grow by 6.5 per cent. “In all likelihood, India will remain among the fastest growing large economies in 2023”. (ANI)

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