Week ahead: BSE Sensex may remain volatile, traders hopeful of more govt measures

Aug 30 2013, 16:10 IST
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Traders remain wary as overseas investors have sold over $1 billion worth of shares in the 10 sessions through Thursday. Traders remain wary as overseas investors have sold over $1 billion worth of shares in the 10 sessions through Thursday.
SummaryRupee will also be on watch to see whether a reversal from a record low of 68.85 is sustainable.

BSE Sensex and NSE Nifty may remain volatile in the short term as traders remain wary of foreign flows after overseas investors sold over $1 billion worth of shares in the 10 sessions through Thursday ahead of June quarter GDP data later in the day.

Prime Minister Manmohan Singh on Friday said April-June GDP growth would be flat.

A Reuters poll of 36 economists expected India's gross domestic product to have expanded 4.7 per cent year-on-year in the quarter to June, near decade lows on an annual basis and a tad under the 4.8 per cent growth in the previous three months.

The Indian rupee will also be on watch to see whether a reversal from a record low of 68.85 is sustainable. It continues to remain vulnerable to any talk of US tapering, while a worsening fiscal deficit could also weigh on it.

Traders are also hopeful of more market friendly measures like a hike in diesel price after the passage of the Land Legislation bill and the Food Security bill by the parliament was seen as populist.

KEY FACTORS/EVENTS TO WATCH

Saturday: Trade Minister Anand Sharma will be present for an industry event in Mumbai at 1145 IST.

Monday: Automakers in India report monthly sales for August; Manufacturing PMI for August

Wednesday: Money supply data

Thursday: Bharti Airtel Ltd annual shareholders meeting

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