ANI
03 Aug 2022, 15:18 GMT+10
New Delhi [India], August 3 (ANI): Snapping five straight days of gains, Indian stock indices declined marginally this morning ahead of the Reserve Bank of India's monetary policy meeting.
The three-day monetary policy review will commence today. It is very much likely that the RBI will raise interest rates, investors will, however, keenly track the degree of such rise for fresh investment cues.
At 9.44 a.m., Sensex traded at 57,954.84 points, down 181.52 points or 0.31 per cent, Nifty traded at 17,283.55 points, down 61.90 points or 0.36 per cent.
Among the Nifty 50 stocks, 39 were in the red and the rest 11 in the green, National Stock Exchange data showed.
"FIIs turning buyers, short covering by the bears and active retail participation has led to 14 per cent recovery in Nifty from the June lows. This has pushed the market to overbought territory but a continuation of FII buying may impart resilience to the market," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
However, investors should exercise caution since the global growth slowdown is serious and this has the potential to impact exports from emerging markets like India, Vijayakumar added.
Barring today's marginal decline, Indian stock markets had been on the positive territory on account of return in foreign portfolio investors after multiple months as well as inflation seemingly plateauing.
Notably, the Indian stocks recorded their best weekly performance during the week to July 22 marking its best week since February 2021, supported by renewed buying, especially in banking and IT stocks, among others.
During the past two weeks, Sensex and Nifty rose over 7 per cent on a cumulative basis.
Foreign portfolio investors becoming net buyers in Indian stock markets again after nine long months might have supported the investors' sentiment.
In July, FPIs bought equities worth Rs 4,989 crore and became net buyers after nine months, National Securities Depository (NSDL) data showed.
Tightening of monetary policy in advanced economies including rising demand for dollar-denominated commodities, and strength in the US dollar had triggered a consistent outflow of funds from Indian markets. Investors typically prefer stable markets in times of high market uncertainty.
Further, consistent depreciation of the rupee as well as depleting Indian foreign exchange reserves too had a bearing on the weak market sentiments. (ANI)
Get a daily dose of Dublin News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dublin News.
More InformationNEW YORK, New York - Stocks were decidedly mixed in the U.S. on Tuesday as investors struggled to make a ...
DELHI, India: Dubbed the country's Warren Buffett, India's best-known stock investor and self-made billionaire, Rakesh Jhunjhunwala, died on August 14 ...
SAO PAULO, Brazil: Brazil's central bank chief Roberto Campos Neto has said that he believes credit cards will cease to ...
SYDNEY, NSW, Australia - Stocks in China were flat to lower on Tuesday as investors weighed up the disappointing economic ...
LONDON, England: Reports from the UK's opposition Labour Party said its leader, KeirStarmer, will call for a freeze on energy ...
MIAMI, Florida: Carnival cruise lines, including Carnival Cruise, Princess Cruises and Cunard, have made plans to drop mandatory COVID-19 testing ...
ZAGREB, Croatia: Authorities have said that a weekend bus crash near Varazdin in Croatia killed 12 passengers and injured 32.The ...
WARSAW, Poland: Julie, who preferred not to give her full name, booked a group of trips to Warsaw last year, ...
OTTAWA, Ontario: Military trainers from Canada will head to the United Kingdom to teach Ukrainians new techniques for fighting the ...
LONDON, England: British Airways has halted ticket sales for short-haul flights that depart before the middle of August from London's ...
DUBLIN, Ireland: Ireland's bars and nightclubs will be allowed to operate into the early morning under new regulations being proposed ...
BERLIN, Germany: The German government's basic COVID-19 restrictions would return this fall and winter, when experts expect cases to rise ...