The rupee is trading at 54.87/88 versus its previous close of 54.7150/72.50 as the risk rally in global market stalls. Traders now focussing on central bank meetings in Japan, Britain and the euro zone for signs of further monetary stimulus.
With the Dow touching record highs, talking to CNBC-TV 18, Sushil Kedia, director - quantitative strategy, CIMB, says that once 1516 or a lower closing is noticed on S&P, his technical system is going to trigger a sell call.
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Jai Bala, cashthechaos.com says market dropped around 250 points from the end of January. The time it took the market to slip was half the time it took to go up as many points, which tells us the path of resistance is lower, he adds
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The level 6050 has turned out as a bit of a stumbling block for the market in the past, over the last four weeks. Today it seems to be negotiating it quite well despite fairly sideways and edgy global market performance around us. Part of it is because of good earnings from companies like Tata Consultancy Services (TCS) and Axis Bank.
Tirupur Exporters Association today expressed disappointment with the RBI's Mid-Quarter Monetary Policy review, saying there was no announcement on interest rate cut, which was the need of the hour.
Nicholas Ferres of Eastspring Investments said they are cautiously positioned at the moment. Going into the year end, Ferres is modest underweight on equity and underweight on US equities.
The rupee is expected to open marginally stronger at 54.20/USD. A weaker dollar and positive global market cues will support the currency, says Manis Thanawala, Greenback Forex Services.
Earnings season may be only half over, but the focus on profits should subside this week as investors turn their attention to the coming election and Friday's jobs data - the last major economic indicator before the November 6 contest.
Bullish on global equities, Andrew Economos, Head, Sovereign & Institutional Strategy Asia, JPMorgan AMC believes that after the massive rally across overseas markets, there will be some consolidation in September-October given the fairly heavy event calendar - both political and economic.
Global markets have seen a bit of volatility in the last couple of days and Shane Oliver of AMP Capital Investors believe it is due to a combination of several things. According to him, the market rallied on hopes of action and therefore, is looking a bit vulnerable to a pullback.
Over the past few days global markets have seen a rally and John-Paul Smith, Global EM Equity Strategist at Deutsche Bank feels the rally is mainly due to bearish investor positioning. He believes, the European rally has been triggered by short covering.
Global investors hunkered down in the bunkers of world markets have made their first tentative moves to re-emerge blinking into the sunlight even the coast is still far from clear.
According to Tim Ghriskey of Solaris Asset Management, Wall Street and European markets have experienced a heavy sell-off, mainly due to the concerns arising out of Spain and it debt problems.
Hans Goetti, chief investment officer of Finaport, believes the Indian market will experience a phase on risk-on trade for the short-term.
It has been a quiet day for the market. It looked a bit weak in the morning, it slipped below 4,900 a couple of times but has managed to recover from there.
The Indian currency hit a record low on Wednesday, dropping as low as 54.36 to the dollar, breaching its previous record low of 54.30 set in December. Succumbing to the steep risk aversion in the global markets and the vulnerabilities of a challenging economy seem to have caught on the rupee.
Taking cue from the elections in Greece and France, the European markets have shown some nervousness. The CAC as well as the DAX is down. Talking about the volatile markets, Bruno Verstrate of Lakefield Partners believes that irrespective of the political outcome, the markets will tend to be weak.
The global markets were already apprehensive of the European elections and the BSE Sensex dropped more than 1% on Monday, as global risk assets sold off after elections in Greece and France fuelled questions on their austerity policies.
Robert Parker of Credit Suisse Asset Managment says the markets may see some consolidation in the near-term.
After a bumper first quarter fuelled by central bank largesse, investors are looking for potential potholes to derail a stock market rally which has already shown signs of tailing off in recent days.
China's big factories were surprisingly busy in March as strong demand quickened the flow of orders, suggesting the economy is stronger than some estimates and possibly reducing the need for an urgent easing in monetary policy.
We have now gone back to much below Friday's levels and Thursday's closing levels too and now, support at 5200 itself is under threat, says Udayan Mukherjee, managing editor, CNBC-TV18.