It has been a topsy-turvy week so far, with the key indices oscillating in a tight range amid tepid volumes. Today, we expect a slightly weak start on the back of fresh declines in key global markets and indecisive sentiment on Wall Street.
The near-term outlook is uncertain given the global geopolitical risks and the flare-up in crude. The market appears to be in a limbo and could stay that way till there is material relief in the ongoing political turmoil in the Middle-East. A close below 5490 could reverse the short term uptrend.
The US markets closed flat in a quiet session. Stock indices in Europe closed down at the end of a choppy session. Asian markets are mostly in the red. Japanese shares are leading the fall in the region after its GDP shrank more than estimated in the last quarter.
Brent and Nymex crude oil futures remain elevated amid relentless fighting in Libya and lingering worries over supplies from that region. Libyan oil output is reportedly down by two thirds. Copper closed at an 11-week low while gold rose.
