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Markets likely to remain bullish on global cues: Experts

Markets likely to remain bullish on global cues: Experts
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First Published: Sun, Aug 24 2008. 01 01 PM IST
Updated: Sun, Aug 24 2008. 01 01 PM IST
PTI
Mumbai: The markets are expected to surge this week on the back of relatively improved sentiments in the American bourses and falling crude prices even though the chances of higher inflation playing a spoilsport cannot be ruled out, say analysts.
“The markets would be closely watching developments related to the Indo-US nuclear deal at the Nuclear Suppliers Group (NSG),” they said and pointed out no key policy decisions is expected this week on domestic front.
“Tracking global cues, the stock market is likely to be bullish. As no major policy decision is expected this week and with Nasdaq and Dow Jones Industrial Index hovering in the positive zone, the sentiments in the domestic market would remain positive.
“The market will remain volatile and witness a strong opening on Monday. Then it will take cues from the crude price movement,” brokerage firm SMC Global’s Vice President Rajesh Jain said.
Noting that crude prices would determine the movement of the market, he said that Sensex is likely to hover around 14,500 to 15,500 levels during the week.
According to experts, a further rise in crude oil prices may act as a dampener for the capital markets.
On the crude front, the simmering tension between United States and Russia could push up the prices, which has been on the decline in recent weeks.
Even though crude closed at $114.59 per barrel on Friday, the prices had touched a high of nearly $121 per barrel during that day.
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First Published: Sun, Aug 24 2008. 01 01 PM IST
More Topics: Market | Outlook | India | Sensex | Nifty |