After Initial Losses, Indian Stocks Remain Steady

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Guwahati: Indian stock indices ended the afternoon with mostly steady gains after briefly losing some ground.

The benchmark indices, the Sensex and Nifty, both saw positive trading activity on Monday and Tuesday.

Just 17.15 points lower, the Sensex closed at 60,910.28, while the Nifty closed at 18,122.50, a mere 9.80 points lower.

“Market wavered between gains and losses with investors taking their position around the flatline as mixed global cues troubled them to take a firm one-sided move. US stocks were weak as the trade deficit data suggested strength in the economy, raising concerns about the Fed’s tightening stance,” said Vinod Nair, Head of Research at Geojit Financial Services.

However, Nair claimed that initiatives to reopen the Chinese economy improved the likelihood of a revival in demand.

Nifty is anticipated to reach a level of 19,500 in 2023, according to an outlook study from Emkay Institutional Equities.

“Barring any major change in the global macro-economic and geo-political set-up, Sensex (seen) at 64,500, indicating a 7-8 per cent increase from the current levels,” it said.

The firm’s outlook report stated on RBI’s monetary policy that the central bank appears to not be “very restrictive” and is anticipated to follow the actions of the US Federal Reserve.

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