New Delhi, June 11
Indian stock benchmarks traded largely steady with upward bias on Wednesday, extending gains for the fifth day, taking positive cues from strong economic fundamentals such as comfortable inflation levels, firm economic growth parameters. Firm global cues also lent support to the Indian stock indices.
At the time of filing this report, Sensex traded at 82,489.52 points, up 97.80 points or 0.12 per cent, and Nifty traded at 25,135.45 points, up 31.20 points or 0.12 per cent. Nifty auto, media, oil and gas were the top-moving sectoral indices, while PSU, private bank, and consumer durables slipped. International gold prices were trading at USD 3,360 per ounce, up 0.5 per cent.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said, "Market is likely to continue in the consolidation range with a slight upward bias." He added, "Liquidity will support a mild rally. But a strong rally needs earnings support. There are no indications yet about a strong recovery in earnings. This will cap any short-term rally in the market."
Markets are also awaiting clarity on the US-China deal front, said veteran financial market expert Ajay Bagga. "US and China agreed to agree on an already agreed trade deal that was discussed at Geneva and discussed again at London and will now be discussed with the respective delegations with Presidents Trump and Xi, who will then discuss it with each other and hopefully reach a consensus on the way ahead. Confusing? You bet. Markets are waiting for clarity," Bagga said.
Indian stock markets outperformed global markets over the past few weeks, as volatility continued to reign in global markets over possible forthcoming US reciprocal tariffs. A comfortable inflation number in India also somewhat supported the domestic equity indices.
In 2024, Sensex and Nifty accumulated a growth of about 9-10 per cent each. In 2023, Sensex and Nifty gained 16-17 per cent on a cumulative basis. In 2022, they gained a mere 3 per cent each.
— ANI
Reader Comments
The market stability is good to see, but I'm worried about how US-China trade tensions might affect us later. Our markets have been resilient but global shocks can hit anytime. Hope RBI has contingency plans ready! 🇮🇳
Auto and oil sectors doing well is great news! With petrol prices stabilizing, maybe we'll see more positive movement. Though I wish consumer durables performed better - shows people are still cautious about spending.
These small gains add up over time. 9-10% growth in 6 months is actually decent returns. Better than FD rates anyday! But as the expert said, we need stronger earnings growth for real bull run.
Why is gold price mentioned here? It's interesting to see it rising along with stocks. Usually they move opposite. Are investors hedging bets despite market stability? 🤔
The PSU bank slump is concerning. After all the reforms and mergers, they should be performing better. Government needs to look into this - these banks are backbone of our economy.
Media sector doing well is surprising! Maybe election advertising boost? Anyway, glad to see Indian markets holding steady when global markets are so volatile. Shows our economic fundamentals are strong 💪
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