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Markets to remain upbeat on stable govt

This article was posted on May 25, 2009 and is filed under Press Releases

With government along with the key-cabinet ministers in place, equity markets might continue their winning rally in the coming week. However, with weak cues from the global markets and profit-booking by the investors, domestic market might remain volatile, as expiry of future and option for the month of May series ends this week.

With huge inflows in the mid-cap and small-cap indices in the last week, market players sense that, retail investors have entered the market.

In last one week, Sensex added over 14%, while Nifty was up by 15%. On Friday, last trading day of previous week, the 30-share Sensex of Bombay Stock Exchange (BSE) added 150/61 points or 1.10% to close the day at 13,887.15 points. The broader SandP CNX Nifty of National Stock Exchange (NSE) ended the day at 4,238.50 points gaining 27.60 points or 0.66%.

Dealers in the market say that, after the Congress led UP comfortably coming to power, they should now fast bring the ailing Indian economy back of track and start initiating policy programs.

Even with markets continuing their upward rally last week, huge volatility was seen in the market, despite foreign institutional investors (FII) being the net buyers. An analyst from the leading broking house said, “In the last one week we have witnessed huge inflows in the market. But we can’t say, that this upward rally can sustain, as last week US markets closed the day in red. So there are chances that Indian markets might remain under pressure when it opens on Monday.”

A dealer from the market said, “Markets might remain in a consolidation phase, we might remain under pressure. However we have to see will FII continue their buying. Last week we also witnessed domestic institutional investors (DII) continuing their profit-booking.”

On Friday last trading day of previous week US market closed the day with minimal losses, Dow Jones Industrial average was down by 14.81 points or 0.18% to close the day at 8,277.32 points. Nasdaq composite closed at 1,692.01 points down by 3.24 points or 0.19%.

source: yahoo finance

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