Brokerages are now figuring out the companies or sectors which are impacted due to the news of Dubai market. CNBC-TV18's Nimesh Shah reports.
Here is a verbatim transcript of his comments on CNBC-TV18. Also watch the accompanying video.
Most of the brokerages are figuring out the companies or sectors which are likely to get impacted due to the news of the Dubai market. Most people are focusing on it now. The general feedback, at least the initial feedback, from the market is that most of the construction companies may not have a direct exposure to Dubai market.
However, the entire Middle East market was supposed to be a safe for most of the construction companies. Those were the focused markets for many of the Indian companies. That may have an impact because of the slowdown in the Europe and US, are due to the bad news from those markets. It will definitely have an impact and will cap the upside from any of these construction companies. That is one sector to watch out for.
As far as flows are concerned, early morning flows suggest that there is some bit of buying at the lower levels. However, it is restricted to some of the largecap names. This gap will be seen opening in the first trade due to the weakness in the Asian markets. The general sense is that we have not broken the crucial support levels on the downside. The Nifty is going to be range bound in the range between 4,850-4,800, with the upside capped at 5,200.
