Indian stock indices continue to remain largely steady

LONDON: Indian stock indices traded largely steady on Friday morning, continuing the trend from the past few sessions. At the time of writing this report, Sensex was a few points up and the Nifty was a few points higher from their previous closing.

The benchmark stock indices have been largely steady this week due to a lack of firm cues for investors. For fresh cues, investors will continue to monitor the earnings of listed companies along with the latest pattern of foreign investments in Indian stocks.

Also, investors would eye US monetary policy meeting scheduled for May 2-3. In the US, the interest rate is currently at 4.75 to 5.00 per cent, which was near zero during the initial days of the pandemic. "There is global support for the ongoing rally in the Indian market. The mother market, the US, is doing well supported by better-than-expected earnings from Big Tech companies. The latest GDP numbers from the US indicate a strong but slowing economy," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"Stay invested in mid-cap IT. Long-term investors can utilise weakness in large-cap IT to accumulate these stocks. Banking stocks will remain resilient," Vijayakumar added.