Outlook
Most of the global indices are in negative tarrain and we may see dull opening for today.
There is no domestic event that the market is looking forward to. It's completely dancing to the tunes of the negative global cues.
Ratings agency S&P downgraded Italy and amid fears of a Greek default, as investors worried that the euro zone's debt woes will pitch the global financial system into a full-blown banking crisis.
After the rate hike on Friday with high inflation continuing, there is room for one more round of rate hike of 25 basis points as expected by our economist. Also the depreciating of rupee is adding concerns to the inflation and the fiscal deficit.
Going ahead, global events are likely to determine investors moves in the coming week. We remain cautious on the markets.
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