Indian stocks largely steady in early trade Thursday

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New Delhi [India], September 15 (ANI): Indian stocks traded largely steady on Thursday morning after a decline the previous session after wholesale inflation further eased in the month of August.

India’s wholesale inflation declined further during the month of August to 12.41 per cent from 13.93 per cent the previous month but continues to remain in double digits, official data released on Wednesday showed.
At 9.52 am, the Sensex and Nifty were in the range of (-0.1 to 0.1) per cent.

At 10;34 am, Sensex was trading 181.66 points lower at 60,165.31, whereas Nifty was trading 57.90 points low at 17,945.85.

Among the Nifty 50 companies, 31 declined, 18 advanced and 1 traded steady thistramorning, National Stock Exchange data showed.

“There are two broad market trends now. One, globally markets have turned weak on renewed inflation concerns and the market consensus is that the Fed’s terminal rate would be clearly above 4 per cent. This will weigh on global markets. Two, India’s outperformance is strong and consistent,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

On Wednesday, snapping fourth straight session gains, Indian stocks declined sharply on account of consistent red-hot consumer inflation in the US and the strong possibility of further rise in interest rates. Consumer inflation in the US though declined marginally in August to 8.3 per cent from 8.5 per cent in July but is way above the 2 per cent goal.

Several senior officials in the US central bank Federal Reserve recently said that another interest rate hike is imminent during the two-day monetary policy meeting that will start on September 20. (ANI)

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