PM’s view on economy to spur mkt sentiment

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Mumbai: Indian equity indices will be looking at global cues coupled with inflows of foreign funds and key economic data due next week which will guide domestic markets. Last week, despite intense volatility, markets had closed in with smart gains, following positive cues from the global markets.

On Friday, the 30-share Sensex of Bombay Stock Exchange (BSE) added 94.38 points or 0.59% to end the day at 16,158.28 points. The broader S&P CNX Nifty of National Stock Exchange (NSE) gained 30.60 points or 0.64% to close the day at 4,796.15 points. Dealers in the markets also said, comments from Prime Minister Manmohan Singh, that the worst for the economy was behind and India was seeing signs of an upturn, will boost the sentiments of the market.

With US markets closing with some smart gains on last Friday, benchmark indices will have some positive impact when it opens on Monday. Last week, Indian markets witnessed intense volatility during the start of the week, however later in the week, it managed to bounce back on strong cues from the global markets. In last one week, Sensex have gained 262 points or 1.65% while Nifty has seen a rise of 84.45 points or 1.79%.

Anita Gandhi, head of institutional business at Arihant Capital market said, "Markets are likely to remain under pressure for few more trading sessions. Apart from that, markets will be closely looking at key industrial production data which will come out in the coming week."

Analyst in the markets also stated that, profit-booking by the foreign institutional investors (FIIs) can't be ruled out as several FIIs from Europe and US follow calendar year as their accounting year.