Magadh university, Higher educational institution in Bodh Gaya, India

New Delhi [India], July 10 : Indian stock indices rose marginally Monday morning but analysts pointed out that any further rally from the current levels is unlikely.Notably, Sensex seems to have anchored around 65,000 points.Benchmark Sensex and Nifty were 0.3 per cent higher this morning.The consistent inflow of foreign funds, firm economic outlook, and moderation in inflation supported Indian stocks in the latest bull run.Reliance Industries, Bajaj Auto, and HDFC Life were among the top gainers in Nifty 50, while NSE data showed HCL Technologies, Bajaj Finance, and Titan among the losers.On Friday, Indian stock markets witnessed profit booking after going through a consistent bull run in the past eight-odd trading sessions."After the recent surge that took the benchmark indices to new highs, the market is likely to move to a consolidation mode," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.Sticky core inflation in the US is also likely to restrain the ongoing rally in the Indian market, added Vijayakumar. "In brief, the market is likely to move into a consolidation phase."Meanwhile, the shares of IdeaForge Technology, which listed on the stock exchange on Friday with stellar gains, were about 8 per cent lower this morning, possibly on profit booking.It had listed on the stock markets at Rs 1,305 against its issue price of about Rs 672, thus accumulating 94 per cent listing gains for the investors. IdeaForge Technology, a startup incorporated in 2007, is into drone manufacturing.For fresh cues in overall domestic markets going ahead, investors await April-June earnings data of Indian companies, expected to pour in starting this week.Retail inflation data for June due next week will be another 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

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