Dalal Street open might open marginally in the red on negative cues from the overseas markets.
Global Market - Snapshot
US stocks tumbled Thursday, with the Dow index closing below the sensitive 10,000 level for the first time in nearly two months, as traders braced for a sharp revision of US economic growth. Medium term outlook remains bearish according to our US based analyst Satish Bhogadi.
Nikkei, the Japanese benchmark index is trading down 1 pct today at 8823 levels, while Australian Index shaved off 0.29 pct.
New F&O series - New hopes
September's series will kick in with out much fan fare. We do expect fireworks to the downside in the markets next month. For now we believe Indian markets are decently valued and only fresh inflows can change the valuations. Indian markets trade near to 18X forward earnings and we will see a multiple of 23-25 in the coming years. Domestic consumption matra is getting stronger and longer and that should be considered as of the major de-coupling theory for Indian market from rest of the globe.
For today expect few midcaps and smallcaps to make some noise while largecaps extend their vacation