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Global stock markets set for the longest winning streak since 2003 But Indian indices slip from record highs in volatile session
Global stocks are in the midst of the longest run of gains since 2003 as optimism over the economic recovery sweeps across markets. This even as the Indian equity benchmarks — Sensex and Nifty — ended marginally lower on Tuesday as investors booked profits at higher levels amid a mixed trend in global markets. The MSCI World Index has risen for 12 straight sessions; US equities were in the green in early trade. In Japan, the Nikkei 225 Stock Average extended its advance past the 30,000 level. European markets steadied after a rally on Monday. The reflation trade is powering assets tied to economic growth and price pressure, including commodities and cyclical stocks. At the same time, investors are riding a wave of speculative euphoria from penny stocks to Bitcoin amid abundant policy support. “Continued monetary stimulus and bursts of fiscal support maintain a strong foundation for risk assets,” said Seema Shah, chief strategist at Principal Global Investors. In India, however, after touching a lifetime high of 52,516.76 in the opening session, the 30-share Sensex settled 49.96 points, or 0.10 per cent lower at 52,104.17. Similarly, the broader Nifty inched 1.25 points or 0.01 per cent lower to close at 15,313.45. Axis Bank was the top laggard in the Sensex pack, shedding 2.42 per cent, followed by ICICI Bank, Infosys, Nestle India, SBI, TCS and HUL.
On the other hand, PowerGrid rallied over 6 per cent. ONGC, NTPC, Kotak Bank, Reliance Industries and Maruti Suzuki were among the other gainers.