Indian markets hit a fresh intraday peak

Mumbai, April 9 (SocialNews.XYZ) Indian markets reached a fresh intraday peak before seeing profit-booking at higher levels in anticipation of Wednesday's key US inflation data, which carries weight in determining future rate cuts by the US Fed, says Vinod Nair, Head of Research, Geojit Financial Services.

Concerns have emerged amidst recent better-than-anticipated US employment and manufacturing data, suggesting a potential shift in expectations regarding rate cuts this year. Moreover, escalating geopolitical tensions in the Middle East, alongside supply concerns, have propelled crude prices upward, impacting overall market sentiment. In the near term, the focus will shift to Q4 earnings, which will kick off this weekend, he said.

Indian markets have crossed all-time highs on continued optimism regarding good earnings growth, a strong economy as well as total flows that have touched $50 billion for FY24 of which approximately $2 billion a month have been domestic SIPs, says Rakesh Parekh, MD & Co-Head, Portfolio Management Services, JM Financial.

“We continue to remain highly positive on the continued outlook for the Indian economy and markets, and expect the momentum to continue with more vigour for the remainder of 2024, especially post the anticipated return of the present government in June,” Parekh said.

Rupak De, Senior Technical Analyst, LKP Securities, said Nifty opened higher but struggled to withstand the selling pressure at elevated levels. On the hourly chart, the RSI indicates a bearish divergence, signalling a potential shift in price momentum towards the downside.

Source: IANS