Mumbai: Market sentiments are likely to remain under pressure this week on weak global trends amid lesser possibilities of any domestic triggers, say analysts.
“World markets are likely to pressurise the domestic market downwards... We will maintain a cautious outlook in the coming days as a negative bias is expected to continue this week,” brokerage firm SMC Global’s Vice-President Rajesh Jain said.
Analysts believe stock markets may remain under pressure as the US’s financial sector woes continue to weigh on investor sentiment.
Last week, problems at the US investment banking major Lehman Brothers Holdings Inc reminded investors that the global credit crisis is far from getting over. It has also triggered worries of more withdrawals by foreign funds, which have remained heavy sellers on the domestic bourses this year, marketmen said.
Besides, Kejriwal Research and Investment Services (KRIS) Director Arun Kejriwal said: “Markets are nervous this week amid lack of any trigger. Sentiments are bordering on extreme bearishness, which might propel a rally in the later part of the week if a bout of short covering sets in,” said Kejriwal Research and Investment Services Director Arun Kejriwal.
The 30-share benchmark index BSE Sensex fell 483.02 points or 3.33% to settle at 14,000.81, while the wide-based Nifty fell 123.85 points or 2.84% to 4,228.45 on Friday last week.