|Chennai||Rs. 27770.00 (-0.14%)|
|Mumbai||Rs. 29200.00 (2.31%)|
|Delhi||Rs. 27900.00 (-0.36%)|
|Kolkata||Rs. 28270.00 (1%)|
|Kerala||Rs. 27050.00 (-0.37%)|
|Bangalore||Rs. 27550.00 (1.66%)|
|Hyderabad||Rs. 27770.00 (-0.14%)|
The Indian stock market is likely to see wild swings next week, with the near month derivatives contracts expiring on Thursday, 29 August 2013.
With the reporting season over, investors will be tracking global markets for direction. As has been the case for the past several weeks, the rupee's movements will by eyed as well.
The rupee tumbled to a new low against the U.S. dollar last week, and although it bounced back a bit and regained some lost ground later on, anlysts and several brokerages are of the view that the currency may hit still lower levels against the greenback in the near term.
Foreign institutional investors have been indulging in some heavy selling of late. Comments from the finance minister and the Reserve Bank of India governor that there are no plans for introduce capital control helped lift sentiment on the bourses on the last two sessions last week, and may well prompt a section of FIIs to switch back to the buying mode.
With the government set to release the data on first quarter GDP will be released on Friday, 30 August, the mood will be mostly cautious for a better part of the week till then. In the last quarter of financial year 2012-2013, India's GDP recorded its lowest growth in a decade, surging just 5%.
In the event of a dismal growth report for the quarter ended June 2013, investors may well resort to some heavy selling. Any negative surprise on the GDP growth front
On Friday, the U.S. markets ended modestly higher as a bigger than expected drop in new home sales in July raised hope that the U.S. Federal Reserve may not scale back stimulus from mid September.