Business News | Indian Stock Indices Remain Largely Steady on Wednesday
Get latest articles and stories on Business at LatestLY. Indian stock market indices traded largely steady Wednesday morning as the US debt ceiling impasse continues to affect global markets.
New Delhi [India], May 24 (ANI): Indian stock market indices traded largely steady on Wednesday morning as the US debt ceiling impasse continues to affect global markets.
Benchmark indices Sensex and Nifty rose a mere 0.1 per each when writing this report.
Also Read | Alibaba Layoffs: Chinese Tech Giant To Make Significant Job Cuts Amid IPO Plans.
"Since failure to reach a resolution (regarding the debt ceiling in the US) will have catastrophic consequences for the global economy and markets, a resolution of the crisis at the eleventh hour is the most likely scenario. But markets will be on tenterhooks till then," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The debt ceiling is the amount of money the US government can borrow to pay the nation's bills. US Secretary of Treasury Janet Yellen had said her country could default in early June if the debt ceiling is not extended. But Congress seems to be divided on the consensus to raise the ceiling limit.
However, declining inflation rates in India and a possible repo rate cut by the RBI by the end of 2023 are clear positives for the market.
"The near-term scenario is uncertain but for long-term investors buying high conviction stocks on declines will fetch decent returns," Vijayakumar added. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)