Indian stocks seen tracking overseas markets
Monday, 9 March 2009
MUMBAI, Mar 8 (AFP): Indian market trends this next week are likely to be determined by overseas markets and foreign fund flows, dealers said.
For the week to March 6, the benchmark 30-share Sensex index fell 5.85 per cent or 517.39 points to 8,325.82, a near three-year-low.
Foreign funds have sold equities worth US$2.26 billion so far this year after selling shares worth $3.14 billion in the same period last year.
For the year 2008, overseas funds sold Indian stocks worth $13.13 billion.
The markets are likely to remain range-bound or edge downward, dealers said, having been subdued after India's central bank cut key short-term interest rates by 50 basis points Thursday to spur growth in a weakening economy.
India's economy grew at its slowest pace in nearly six years in the third quarter as the Asian giant began to feel the full brunt of the deepening global downturn, official data showed Friday.
The worse-than-expected 5.30 per cent expansion in the three months to December was down from 8.90 per cent a year earlier.
For the week to March 6, the benchmark 30-share Sensex index fell 5.85 per cent or 517.39 points to 8,325.82, a near three-year-low.
Foreign funds have sold equities worth US$2.26 billion so far this year after selling shares worth $3.14 billion in the same period last year.
For the year 2008, overseas funds sold Indian stocks worth $13.13 billion.
The markets are likely to remain range-bound or edge downward, dealers said, having been subdued after India's central bank cut key short-term interest rates by 50 basis points Thursday to spur growth in a weakening economy.
India's economy grew at its slowest pace in nearly six years in the third quarter as the Asian giant began to feel the full brunt of the deepening global downturn, official data showed Friday.
The worse-than-expected 5.30 per cent expansion in the three months to December was down from 8.90 per cent a year earlier.