No positives in sight for stock markets this week
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No positives in sight for stock markets this week

Last Updated: Sunday, November 27, 2011, 13:29
 
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No positives in sight for stock markets this week
New Delhi: With no near-term positive trigger in sight, amid weak rupee and investor concerns over slow growth of the global economy, Indian bourses are expected to see a gap-down opening on Monday with the trend continuing through the week, say experts.
     
Last week, the BSE's 30-scrip index, Sensex, fell by over 4 percent, eroding investor wealth by Rs 1.69 lakh crore.
     
"The near-term outlook remains negative and with no positive cues in sight, markets are likely to see a bearish trend," said Geojit BNP Research Head Alex Matthews.
     
"Persistent selling by foreign institutional investors on fears of slowing domestic growth and weakening rupee is a cause of concern," he added.
     
The rupee on Friday weakened by 19 paise to close at 52.25/26 against the US dollar following fresh demand for the American currency from importers.
     
Experts said that if rupee continues to depreciate, there can be more outflows from foreign investors.
     
FIIs, the main market movers, have pulled out Rs 6,200.90 crore during nine straight trading days since November 15.
     
Marketmen said that lower-than-expected growth data from the US and China have made investors apprehensive of a further slowdown in the global economy.
     
The downgrades of Portugal’s debt and Hungary’s government bond rating have added to the debt woes in the euro zone.
     
"Medium term trend continues to be bearish. Any rally should be utilised to exit at higher levels. Volatile currency market is also adding to the woes," said Shanu Goel, Senior Research Analyst at Bonanza Portfolio.
     
Analysts said that GDP data for the July-September quarter, which will be released on Wednesday, and food inflation figures on Thursday will also influence the market to an extent.

PTI



First Published: Sunday, November 27, 2011, 13:29


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