In spite of favourable factors, there will be dips in the market triggered by profit booking at higher levels, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Indian stock exchanges will remain shut today on account of Bakri Eid (Eid-al-Adha), and normal trading will resume Friday.
In the yearly holiday list of stock exchanges, it was supposed to be on Wednesday but was changed through circulars. On Tuesday, the National Stock Exchange and Bombay Stock Exchange put out circulars in line with the Maharashtra government’s notification released on Monday regarding the change in the Eid holiday.
Indian stock markets will remain closed next on August 15 for Independence Day celebrations.
Meanwhile, Indian stock indices – Sensex and Nifty – again touched their all-time highs Wednesday, with experts attributing it to strong economic parameters including a firm GDP outlook, moderate inflation and strong purchases by foreign investors.
Sensex and Nifty indices closed about 1.5 per cent higher each. Sensex was almost 1,000 points higher.
So far in 2023, Sensex and Nifty rose over 4 per cent each, data showed.
The inflation in the US and India is moderating, but what is to be seen going ahead is whether this trend is sustainable.