On Wednesday morning, Indian stock indices consolidated from where they were at the previous session closing. After a stellar rally over the past few weeks, markets faced some resistance this week.
After a stellar rally over the past few weeks, markets faced some resistance over the past couple of sessions. At Tuesday opening bell, indices Sensex and Nifty traded marginally higher with a downside bias.
At 9.19 am, at the time of filing this report, Sensex was 0.2 per cent higher at 75,585 points, after touching an all-time high of 75,679 points soon after the opening bell.
The Indian benchmark indices are expected to witness a gradual upward movement in the coming week after the strong performance last week, which closed on a flyer, say market analysts.
However, in the past few sessions, they seemed to have slowed down on selling, expecting a strong performance in the indices. Both Nifty and Sensex also touched all-time highs this week, accumulating huge sums of money for investors.
By creating an unprecedented wealth of USD 1 trillion in just 6 months, both indices of the Indian stock market BSE and NSE have joined the exclusive USD 5 trillion club, defying the FII (Foreign Institutional Investors) pull out before the outcome of the Lok Sabha election on June 4
Indian indices Nifty and Sensex opened flat on Friday, near the record closing of the previous day. The Nifty Index opened at 22,930 points, very close to the 23,000 mark. The Sensex also sustained Thursday's rally and opened near 75,335, close to the 75,500 mark.
The consistent bull run in Indian stock indices - Sensex and Nifty -- continued through Thursday, and touched fresh highs yet again, reacting to Prime Minister Narendra Modi's assertion that BJP-led alliance is on track to form the government for a record third term.
Analysts now believe the uptrend in the Indian stock benchmarks is expected to continue through this upcoming week starting Tuesday. On Monday, stock markets will remain closed on account of General Elections.