The
Indian market is all set to resume what could be yet another week of
topsy-turvy movement. The start is likely to be subdued given the mixed
cues from the overseas markets. While US stocks managed modest gains,
their European counterparts finished in the red. Asian indices this
morning are in no-man’s-land. Japanese markets are shut for a holiday.
For
India, the focus will continue to be on the latest batch of quarterly
earnings. No major results are due today. FII inflows too appear to be
tapering off a wee bit. The main indices likely have slipped into a
narrow trading band. Stock specific action will continue to be the order
of the day.
The short point is one shouldn’t rush things and wait for more clarity on the outlook for India as well as world economy.
Sovereign
debt crisis in Eurozone and the gridlock over budget will remain at the
forefront aside from earnings. Risk tolerance is not particularly high,
which shows in gold hitting new record. Nymex crude is hovering around
$97 mark.
