D-Street may remain upbeat this week on global cues
Dalal Street is expected to gain momentum this week, following firm global cues, optimism about the new Government accelerating economic reforms and entry of FIIs into the bourses.india Updated: May 24, 2009 15:31 IST
Dalal Street is expected to gain momentum this week, following firm global cues, optimism about the new Government accelerating economic reforms and entry of FIIs into the bourses.
"The market will remain far more vibrant this week and domestic market can outperform world peers in terms of percentage if there is no negative news on the global front," Unicon Financial CEO G Nagpal said.
Marketmen feel that a stability in buying activity would be visible as investors are now certain that the new government would comprise old timers in key portfolios.
"Market is relieved that key ministers are mostly old timers who performed their task with limited head-room available with the Left support, they would perform much better now," Nagpal added.
Analysts feel that although there would not be any sharp rise this week but the expiry of futures and options contract on May 28 would bring in some short covering in the market.
Meanwhile, the allocation of six key portfolios by Prime Minister Manmohan Singh on Saturday is unlikely to impact the market as analysts think they were on expected lines.
SMC Global Vice-President Rajesh Jain said, "Allotment of portfolios is mostly on the expected lines. Pranab Mukherjee with Finance portfolio would help accelerate reforms."
Moreover inflow of foreign institutional investments into the markets are also expected to continue.