Calicut university, University in Malappuram, India

New Delhi [India], July 7 : Indian stock markets witnessed profit booking on Friday after going through a consistent bull run in the past eight-odd trading sessions.Also, weak US markets weighed on the investors sentiment back in India. Benchmark Sensex dipped over 500 points to close at 65,280 points today.Except for PSU banks, media and auto, all Nifty sectoral sectors ended in red. FMCG, realty, and private bank indices were among the top losers, exchange data showed.Earlier this week and last week, the indices Sensex and Nifty hit their fresh all-time highs. Sensex crossed the 65,000 mark for the first time this week.The consistent inflow of foreign funds, firm economic outlook, and moderation in inflation supported Indian stocks in the latest bull run.Foreign portfolio investors (FPIs) have remained net buyers in Indian stock markets for the fourth straight month, according to data from the National Securities Depository (NSDL).FPIs bought Indian stocks worth Rs 7,936 crore, Rs 11,631 crore, Rs 43,838 crore, and Rs 47,148 crore in March, April, May, and June, respectively, data showed......"The markets after a big leap in the last few weeks have turned a bit weary of the heights and moved lower by end of the week. There is a narrative that is emerging that inflation might be more persistent than it is thought to be at this juncture, going by the conditions that prevail in the US as also Europe, and the consequent rate action will be north-bound. This will have its impact causing some turbulence in the immediate term," said Joseph Thomas, Head of Research, Emkay Wealth Management.For fresh cues going ahead, investors await April-June earnings data of Indian companies, expected to pour in starting next week."Going forward, markets are likely to sustain the current momentum, as stock-specific action will pick up with the onset of the Q1FY24 earning season. India's retail Inflation data to be released next week would also provide some cues," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services."The technology sector is likely to remain in focus with TCS and HCL Tech announcing their result on Wednesday followed by Wipro on Thursday," Khemka said.Retail inflation data for June due next week will be a key monitorable for investors.Retail inflation in India further eased in May to 4.25 per cent, hitting a two-year low. It was at 4.7 per cent in April and 5.7 per cent the previous month.RBI's consistent monetary policy tightening since mid-2022 could be attributed to India's substantial decline in inflation numbers. India's retail inflation was above RBI's 6 per cent target for three consecutive quarters and had managed to fall back to the RBI's comfort zone only in November 2022.Under the flexible inflation targeting framework, the RBI is deemed to have failed in managing price rises if the CPI-based inflation is outside the 2-6 per cent range for three quarters in a row.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Calicut UniversityFOLLOW

Calicut university, Latest News

New Delhi, July 7 Microsoft India President Anant Maheshwari has moved on from the company to pursue a ... ...

New Delhi [India], July 7 : An Indian Air Force (IAF) flying contingent on Friday departed for France to ... ...

Mumbai (Maharashtra) [India], July 7 : Actor Kareena Kapoor Khan seems to be having a lot of fun with ... ...

Agartala (Tripura) [India], July 7 : Chief Minister Manik Saha-led Bharatiya Janata Party (BJP) government proposed a universal health ... ...

New Delhi, July 7 India's foreign exchange reserves rose by $1.853 billion to $595.051 billion in the week ... ...

New Delhi [India], July 7 : FICCI's president Subhrakant Panda on Friday said that the trade volumes between India ... ...

New Delhi [India], July 7 : The Central Bureau of Investigation (CBI) on Friday arrested three Railway officials in ... ...

New Delhi [India], July 7 : Indian stock markets witnessed profit booking on Friday after going through a consistent ... ...