Indian Stock market has continued with its downward move on Thursday. The market has remained in negative zone for most part of the current week. The BSE Sensex was down by 23 points at 17467 and NSE Nifty was flat at 5286.
European markets have opened marginally lower. FTSE and CAC were trading flat during early hours while DAX was down by 0.6%.
Nilesh Shah of Envision Capital has expressed bleak sentiment for the Indian market in coming months as the government has failed to push forward the reforms due to political issues faced by UPA-II. The economic data is not very encouraging and the major research houses have reduced India's GDP growth forecast. The issue of weak monsoon can also impact domestic consumption and higher prices of farm produce.
During an interview with CNBC-TV18, Nilesh Shah added that he doesn't see Nifty to touch 5600 level in near term. There can be stock specific action based on news, but a further market rally is not very likely unless there is good news from the policy makers.
In today's trading session, DLF, Power Grid, Hindalco and Tata Motors were among major gainers. GAIL, Maruti Suzuki, Tata Steel, Jindal Steel were facing selling pressure and were trading lower. Adani Power touched 52-week low.
As European markets have opened negative, Indian market is expected to close negative of flat for the day. USD-INR was trading at 55.63. Euro-INR was trading at 69.85.
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