Pri Market Commentary ...

Today, the much-hyped SEBI meet turned out to be a no-show as it decided not to change its policy on P-Notes. In the medium-to-long term, the market may not be able to rise sharply as FIIs may continue their selling spree. Also, the Government has trimmed its forecast for GDP growth in FY09 to 7.7%. It also expects inflation to shoot up to 13% shortly before it softens. With no major positive triggers on the horizon, the Indian market will look to global cues and movement in crude oil prices. Looking at the trend of the last few trading sessions, we expect a nervous opening in the market today. The market may attempt to recover later in the day. Inflation numbers will be announced after the market hours, and they are expected to rise marginally from 12.01%.