India’s key equity indices — Sensex and Nifty — traded marginally lower during early trade on Monday.
At 9.48 a.m., Sensex was 0.1 per cent or 71 points down at 57,793 points, whereas Nifty 0.1 per cent or 10 points down at 17,277 points.
After a sharp decline in the wake of the Russia-Ukraine war, the Indian equity benchmark Sensex had increased over 5,000 points in the past eight trading sessions since March 8.
During the said time period, Nifty rose over 1,400 points.
“Nifty after the 15 per cent correction from the peak has climbed back by 10 per cent. This resilience of the market even in the midst of uncertainties and challenges is significant from the investors’ perspective. For the short-term the biggest positive for the market is the FPIs turning buyers. Crude again back at $110 is a headwind,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On IT stocks, Vijayakumar said that Accenture’s market beating results and excellent guidance augur well for the IT sectoral stocks.