New Delhi, Sept. 11 -- The range-bound trade of the Indian stock market, which started in June this year, continues despite GST reforms, India's strong GDP growth outlook, healthy monsoon and indications of an India-US trade deal.

Since June, the Nifty 50 has inched up only 1 per cent, trading within a narrow band of 25,669.35 to 24,337.50. Over the past three months, several major IT and financial names - including HCL Tech, Axis Bank, IndusInd Bank, Shriram Finance and TCS - have been among the top losers in the index.

Weak earnings and foreign capital outflow have been the key reasons behind the domestic market's subdued performance since June. But why is the market not witnessing a sustained rally despite favourable growth-inflation...