Feb 26, 2013, 08.00 PM IST
Independent analyst Ambareesh Baliga told CNBC-TV18 that his outlook has turned less optimistic with the market-slide across the eurozone and a limp Railway Budget
European shares slumped on Tuesday after elections in Italy threatened a renewal of the euro-zone crisis, with bank-stocks taking the biggest cut.
Worries about a new flare-up in the euro zone's debt crisis seeped through the bank sector, whose lenders could be hit with new write-downs and bad debts if the region's economy weakens as a result of debt problems in countries such as Italy and Spain.
The big slide across Europe has started to impact Indian bourses. "Clearly, the market has broken some important levels especially the level of 5,840 that I had earlier estimated. Add to this the impact of the Railway Budget which has clearly indicated that there is nothing much for the industry to look forward to. So there is no trigger as such from this Budget," independent analyst Ambareesh Baliga told CNBC-TV18.
"With the slide in global markets, it is possible it could send Indian bourses into a tailspin. This would make me adopt a less optimistic outlook,"
The pan-European FTSEurofirst 300 index fell 1.2 percent to 1,151.76 points while the euro zone's blue-chip Euro STOXX 50 index slid 2.7 percent to 2,581.25 points.
Italy's benchmark FTSE MIB equity index was amongst the worst hit, slumping 4 percent, reflecting concern that its election result, which left no clear government, could hamper economic reforms and fuel its costs of borrowing.
News driven market breaks previous high of 6212; Nifty in uptrend, may surprise on upside if actual election results are supportive
The impact of the exit poll in the stock market is favourable for the bulls. The result of exit polls has led to sharp up move in the market. The theme is intact that trades will make more money on the long side. The same theme is intact in the Bank Nifty. After a narrow range Bank Nifty opened with gap and closed on the top.
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