'Stock markets to track FII trend, Re for further cues'
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'Stock markets to track FII trend, Re for further cues'

Last Updated: Sunday, June 30, 2013, 18:22
 
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'Stock markets to track FII trend, Re for further cues'
New Delhi: Stock markets may see more momentum in the coming month on the back of government's push to reforms though foreign investment trend and rupee movement will be closely tracked for further cues, say experts.

Auto and cement stocks will remain in focus as the companies from these sectors will unveil their monthly sales data for June from Monday.

Besides, foreign institutional investors (FIIs) investment trend, global cues and rupee movement will also be keenly tapped by the investors.

"Friday's rally in Indian markets reflects that there is a lot of risk appetite among investors and the government is ready to whet it with reforms. Oil & Gas sector reforms are just what the doctor ordered for reviving capital markets and investments," said Vikas Jain, founder of Aditya Trading Solutions.

The BSE barometer Sensex zoomed by 520 points, its biggest gain in 22 months, on Friday last week fuelled by steep hike in gas price amid hopes US Fed will not begin tapering monetary stimulus soon.

The rally also helped the Sensex to close the week at a three-week high of 19,395.81 points.

The government last week approved near doubling of natural gas prices to USD 8.4 from April 1 next year and okayed setting up of a coal regulator.

"July series looks promising after a terrible June and the upcoming week could see more momentum, but volatility can't be ruled out," Jain added.

Marketmen said, the next big trigger for the markets would be first quarter earnings, starting mid July.

"In the coming week, 5,850 shall be crucial deciding level for Nifty in the near-term, and the index is likely to witness further buying above this level," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Limited.

The rupee bounced back from its life-time low of 60.76 logged on Wednesday, still closing down by 12 paise to settle at 59.39 against the US dollar last week.

FIIs remained net sellers as they pulled out over Rs 3,000 crore during the week, including provisional data of June 28, as per Sebi data.

The BSE benchmark Sensex lost one percent, or 214.67 points, in June.


PTI


First Published: Sunday, June 30, 2013, 12:25


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