Surging crude oil may cripple stock market movement: experts

After the handsome gains of the previous week, the stock market is unlikely to see much upside movement as investors may book-profit on worries over steaming global crude oil prices, say experts.

The BSE benchmark Sensex had surged by 785.54 points or 4.43% to 18,486.45 level during the last seven days, spurred by strong growth data for auto sales, exports, infrastructure industries and an easing food inflation.

"Not much of an upside in the stock market next week. Investors will remain cautious and more or less prefer staying on sidelines. The market will also see some correction," Karvy Stock Broking VP Ambareesh Baliga said.

According to market observers, the mood of the market will depend on the movement of crude oil, which at present is hovering over $00 a barrel.

"The market will see investors taking home profit and foreign institutional investors selling. The spiralling crude oil prices continue to haunt the market leading to fears of rise in inflation," Networth Stock Broking Head of Institutional Business Prakash Diwan said.

Experts say that at present everyone is obsessed with crude oil. So, any news (good or bad) will have an immediate impact on oil prices and other markets.

"If not a downside, the market would largely remain flattish because a lot of negative factors, including the crude oil, are already there in the market, which may cripple the stock markets movement," said IIFL President (Retail Broking) Prasanth Prabhakaran.