Bharatiya stock indices continued their uptrend from the past week and opened at fresh record highs at the opening bell on Monday, a day after Prime Minister Narendra Modi and his Union Council of Ministers took oath to office.
A smooth transition in the government formation seemed to have boosted market sentiments. At the time of filing this report, Sensex was at 76,890.34, up 0.3 %, and Nifty at 23,372 points, up 0.4 %.
They hit their record highs at 76,960.96 points and 23,411.90 points, respectively, at opening today. Most of the sectoral indices were in the green.
\As the week progresses, analysts believe that investors will keep an eye on the upcoming US Fed interest rate decision, India’s inflation data (both retail and wholesale), and decisions of the new government.
Allocation of ministry portfolios to the newly sworn in ministers would also be keenly tracked by markets. India’s retail inflation eased to 4.83 % in April, down from 4.85 % in March.
However, consumer food price inflation surged to 8.70 % from 8.52 % last month. The retail inflation in India though is in RBI’s 2-6 % comfort level but is above the ideal 4 per cent scenario.
Comments