Early on D-Street: Market likely to correct, consolidate after rally for 8 consecutive days
Episode 2046, Dec 23, 2019, 01:30 AM
The Indian market logged modest gains on December 20 but ended at at fresh all-time highs for the fourth consecutive day, supported by sustained foreign fund inflows.
Experts said, the market has been rising over the last few days on the back of positive global cues and government’s pre-budget meetings is raising hopes for further stimulus to spur economic growth.
The gains, however, were nominal as Sensex climbed only 8 points to 41,681.54 while Nifty rose 12 points to close at 12,271.80.
Market sentiment also got a boost from RBI’s decision to conduct a special open market operation (OMO) to bring down long-term yields. This was cheered by the market with gains in banking stocks. However, the concerns over the weakness in the economy prevailed, triggering profit-taking by investors, after Fitch Ratings cut India's GDP growth forecast for FY20 to 4.6 percent.