Indian stock indices rose substantially on Monday, defying a sharp downturn in the overnight US markets, possibly due to inherent strength in domestic market fundamentals.
Indian stock indices took a sharp hit Friday, the last trading day of the current week, with all sectoral indices closing deep in the red. The sell-off was broad-based, with the banking and energy sectors taking the biggest hit.
Indian stock indices closed Wednesday's trade marginally in the red, mirroring weak cues from the US markets and along with weakness in domestic IT and PSU bank stocks. Profit booking at higher levels also dented the stock indices.
The Indian equity market on Tuesday opened flat note. The Benchmark indices BSE sensex opened at 82,652.69, up by 92.85, and Nifty at at 25313.40, up by 34.70.
The Nifty touched a record high at 25,174.55 and Sensex rose to 82,220.68. The indices opened almost flat with a mixed response from both indices in the opening hour.
Expectations of strong festival season demand, revival in rural demand, and hopes of interest rate cuts later this fiscal year are expected to support stock markets, brokerage Prabhudas Lilladher said in its latest 'India Strategy' report.
In a volatile trade, Indian stock indices - Sensex and Nifty - closed Tuesday's session largely on a steady note. The indices started the day flat and later oscillated between red and green, but closed with marginal gains.