Global cues to decide Dalal Street's course: Analysts
The Dalal Street is likely to see range-bound trade this week in the absence of any big positive trigger and worries over Greek debt crisis that has continued to haunt equity markets across the globe, analysts said.business Updated: May 16, 2010 17:42 IST
The Dalal Street is likely to see range-bound trade this week in the absence of any big positive trigger and worries over Greek debt crisis that has continued to haunt equity markets across the globe, analysts said.
"The domestic markets are expected to move in a range for sometime in near-term on concerns over European debt crisis and its negative impact on the global markets," Delhi-based SMC Wealth Management Chairman DK Aggarwal said.
Negative news from the world markets, like the deepening financial crisis in Greece, have caused trading sentiment to turn bearish over the past few weeks.
"Overall, volatility is expected to continue in the short term. Global factors will be important and domestic economy driven sectors could outperform from a short-term perspective," Unicon Financial said in a note.
Analysts said that after a good show by India Inc in the March quarter, there is no big announcement on the domestic front that can lift the market.
"In all probability, markets will open with a gap-down on Monday and will continue to see pressure for some more days during the week," Ashika Stock Brokers Research Head Paras Bothra said.
Last week, markets witnessed a volatile session with the BSE Sensex rising 561 points on Monday -- the biggest single day gain in nearly 10 months --but at the end of Friday, the index closed with a net gain of just 1.3 per cent.
On Monday, markets across the world gained on Euro package news, while weakness was seen in global markets on concerns over debt crisis and falling Euro, analysts said.