Indian Stocks Remain Steady After Initial Losses

After opening the session with minor losses, Indian stock indices settled largely steady on Wednesday.

On Monday and Tuesday, the benchmark indices - Sensex and Nifty - traded in the green.

Sensex closed at 60,910.28, just 17.15 points lower, whereas Nifty closed at 18,122.50, just 9.80 points lower today.

"Market wavered between gains and losses with investors taking their position around the flatline as mixed global cues troubled them to take a firm one-sided move. US stocks were weak as the trade deficit data suggested strength in the economy, raising concerns about the Fed's tightening stance," said Vinod Nair, Head of Research at Geojit Financial Services.

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However, Nair said steps toward reopening the Chinese economy increased the prospects of demand recovery.

In 2023, Nifty is expected to attain a level of 19,500, said Emkay Institutional Equities, in an outlook report.

"Barring any major change in the global macro-economic and geo-political set-up, Sensex (seen) at 64,500, indicating a 7-8 per cent increase from the current levels," it said.

About RBI's monetary policy, the firm's outlook report said the central bank seems to not be "too restrictive" and is expected to follow the US Federal Reserve's moves.

(With inputs from ANI)

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