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Follow on Google News | Indian Stock Market Review: 1st Sept 2008Market may edge higher with positive cues
The market started the week with marginal gains on falling crude oil prices and reports of near-normal monsoon. The market slumped later on expectations of higher weekly inflation figures. However, the market ended the week on a buoyant note as inflation fell for the first time in 28 weeks. Inflation declined to 12.40% for the week ended August 16 as against 12.63% due to lower prices of some minerals and fuels. Gross Domestic Products (GDP) growth has declined to 7.9% in the first quarter as against 9.2% in same period of last year and 8.8% in previous quarter. These numbers were not a big disappointment for markets as numbers were in line with analysts' expectations and seemed like already factored in by markets. In the coming week, marketmen expects that gains will be extended further however a further rise in crude oil prices may act as a spoilsport for the stock markets. Also the market will closely watch developments on the Indo-US nuclear deal in the coming week. Technical View: Sensex made a low of around 14000 close to the 50 % retracements. Inflation and crude cues are giving a positive cue to markets for a while but the range bound markets could remain for some more time to come. Stock to Watch: IDFC, RCOM, CENTURYTEX. End
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