Indian stocks subdued despite reaching record highs

The benchmark Indian stock indices saw mild profit taking as they opened the week slightly lower. The indices reached their new highs last week, which may have caused some investors to remove some funds from the market. Due in large part to solid cues from US markets and consistent fund inflows by foreign portfolio investors, Indian stock indices reached new highs on Friday. Also on Thursday, they experienced new highs.

At the opening bell this morning, Sensex was at 67,728.52 points, down 0.16 per cent, and Nifty at 20,176.80 points, down 0.077 per cent.
This week, investors are likely to tread carefully of the U.S. Federal Reserve’s meeting scheduled Tuesday-Wednesday. The US central bank in its July meeting raised its benchmark interest rate by 25 basis points, the highest in the past 22 years at 5.25-5.5 per cent, in its fight against soaring inflation and bringing it back to 2 per cent.