Opening Bell: Markets to continue with the bear phase lacking any trigger on upside. The Indian markets extended their declining streak with rate sensitive’s suffering on the worries of looming another rate hike by RBI. The weakness in domestic currency too weighed heavily on the sentiments. Today, the start is likely to remain weak as indicated by global cues, there is not much on the domestic front too that can support the markets. However, the Department of Economic Affairs Secretary (DEA) Arvind Mayaram has said that there is no room of fear for rupee tanking again when US Federal Reserve decides on tapering of its stimulus programme, he further stated that Government has enough ammunition in its hands to deal with the situation. Though, there will be some concern as the country’s crude oil import bill jumped 9.5 percent to Rs 3,47,432 crore in the first five months of the current fiscal on account of sharp depreciation of the rupee against the US dollar. There will be some respite, as government on Monday said it will not borrow more than Rs 2.35 lakh crore in the second half of the current fiscal. The cement stocks may come under pressure as the realtors’ body CREDAI citing sudden rise in cement prices in last one week, is mulling approaching CCI alleging cartelisation by cement producers.
Posted on: Tue, 24 Sep 2013 03:49:07 +0000
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