'D-Street to remain upbeat on strong global cues'


Marketmen feel that investors are holding on to their portfolios on expectations that the market would reach even higher levels in the near term.

“The market is expected to sail through higher levels this week. Investors would look at how the market sustains at those levels and after that buying confidence would be back,” Ashika Stock Brokers Research Head Paras Bothra said.
The Bombay Stock Exchange benchmark ended the week down 1.5 per cent at 15,689.12 points as profit-booking in equity markets globally dragged down the Sensex during the first four days of this week.

Drought discounted
“Investors have discounted the impact of a weak monsoon and expect that stocks, backed by positive global cues, are going to touch their 52-week highs this week,” Bothra said.
  Over the week, foreign institutional investors sold a net Rs 1,304 crore worth of Indian equities.
The Sensex has gained about 95 per cent from its lowest level in 2009 in early March. Analysts feel data from countries indicate that global economies are gradually crawling out of the downturn which is keeping the market upbeat.

On Wall Street, the Dow Jones industrial average was up 96.66 points, or 1.03 per cent, at 9,441.27 and tech heavy Nasdaq advanced 1.79 per cent at 2,018.78 points at the end of trade on Friday.
Asian markets were mixed with the Chinese benchmark Shanghai gaining 0.58 per cent to 2,861.61, while Japan’s Nikkei 225 fell 0.3 per cent.

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