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Stock markets likely to open weak

Written by: Staff
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Mumbai, July 23: The BSE sensitive index is expected to open in the red when the markets open on Monday as the selling pressure is likely to continue.

Investors have not yet gained their confidence and it is expected to take some time before buying resumes in full flow.

The first quarter performance of companies and the situation in West Asia are likely to weigh on the markets next week. However, the more-than-average rainfall in the month of July will have some positive effect in the capital goods, consumer durables and farm products sector.

Experts believe that control in the rate of inflation to 4.68 per cent for the week is likely to bring some positivity and also the decline in crude oil prices will remove the insecurity from the minds of the investors.

Rupee vs Dollar had a sad week, when rupee breached the Rs 47/US Dollar mark and assisted in the erratic behaviour of the sensex. It will trade at a marginally lower level next week tracking the weak US economic growth rate.

Also, the surge in foreign exchange reserves this week by 240 million will counter the volatility in the market.

Overall the market next week is expected to be volatile but positive closing is not entirely ruled out.

UNI

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