Global markets to dictate the trend

Indian market is likely to track closely the movements on the global equity market markets as they have been in the recent past.

The Nifty August 2007 futures continue to trade at discount as compared to spot closing, indicating that undertone remains cautious. On Friday, 10 August 2007 it settled at 4303, a discount of 30.35 points as compared to spot closing of 4,333.35

Market posted third straight weekly loss in the week ended 10 August 2007. The benchmark index BSE Sensex lost 270.15 points or 1.78% to settle at 14,868.25 tracking global weakness.

FIIs who are considered key drivers of the recent rally, have turned sellers as they sold net equity worth Rs 1492.70 for this month, till 9 August 2007.

Crude oil prices have been hovering around the $70 a barrel amid concerns over the US economy. Any sharp rise in oil price may dampen the sentiment further.

Sobha Developers, Helios and Matheson Information Technology, Seamec, Sadbhav Engineering and Rain Calcining will declare their June 2007 quarter results in the coming week.