Home / Business and Economy / Indian Markets See Profit Booking After Gains
Indian Markets See Profit Booking After Gains
5 Aug
Summary
- Domestic markets experienced profit booking after four consecutive sessions of gains.
- India VIX, a market fear gauge, increased to 12.19 levels.
- The Indian rupee appreciated by nine paise against the US dollar.
Domestic equity markets experienced profit booking on Tuesday, following four consecutive sessions of gains, leading to a slight decline in the Nifty. Indian equities are anticipated to witness a gradual upward trend, bolstered by supportive global economic cues and robust corporate earnings reports. Investors are keenly awaiting the release of US jobs data later today and the Reserve Bank of India's monetary policy decision scheduled for tomorrow.
The market's volatility indicator, India VIX, saw an increase of 2%, settling at 12.19. On the currency front, the Indian rupee demonstrated strength, appreciating by nine paise to close at 87.94 against the US dollar. This appreciation was attributed to foreign capital inflows and easing geopolitical tensions in West Asia, which improved investor sentiment.
Technically, the short-term outlook for the index remains sideways to positive as long as it stays above the 24,400 support level. A decisive breach below this mark could signal a deeper correction. Immediate resistance is observed at 24,800, while support is situated at 24,400 and 24,200.
