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| Dalal Street may witness lacklustre trade this week: analysts |
| Press Trust of India / Mumbai Sep 28, 2009, 11:49 IST |
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Despite bullish sentiment on hopes of strong quarterly results from firms, the Dalal Street is likely to less lively this week, as festive mood and fewer trading sessions would see investors withhold their positions and postpone buying, analysts said.
Brokers believe the market sentiment will remain positive, even as investors will get only three trading sessions before the second quarter results of companies starts coming in.
"The market is expected to remain in consolidation phase on the back of less trading sessions and festive season," SMC Global Vice-President Rajesh Jain said.
The market would trade only for three days this week, as Monday and Friday will be trading holidays on the occasion of 'Dussera' and 'Gandhi Jayanti', respectively.
Over the week, the BSE Sensex slid 193.43 points, or nearly 1.14 per cent and closed at 16,693 points.
"The under current in the market is bullish, there are not much expectations by investors for this week, while stocks may also look for global cues," Angel Broking Head of Research Hitesh Agrawal said.
The result season will kick start with IT major Infosys scheduled to announce its second quarter results on October 9.
Geojit BNP Paribas Financial Services' Research Head Alex Mathews said, "We are expecting a range bound market at least for the first week of October and the Nifty may remain in a tight range of 5,100 on the upside and 4,775 in the downside."
Jain said investors will not take risk this week and are likely to hold on to their old positions during the festive mood.
During the last week, foreign institutional investors have put in over Rs 6,528.1 crore in Indian markets.
Agrawal added that," FIIs are bullish in the Indian markets and domestic investors are optimistic ahead of the second quarter results of the companies."
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