SHORT TERM MARKET OUTLOOK:
On Monday Benchmark indices opened lower with Sensex dips 500 pts amid global cues including rise in oil prices, weak rupee and upcoming state poll results also affected investor sentiment.
The rupee opened weak at 71.34 against US Dollar from its previous close of 70.82/$.
International oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed to a supply cut of 1.2 million barrels per day (bpd) from January.
On the macroeconomic front, current account balance data to be announced in the later day today. The Central Statistics Office (CSO) is likely to release IIP and CPI (consumer price index) numbers on Wednesday.
Tomorrow Poll outcome of five state assembly elections – Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram will be key event for the market to watch out.
Amid the poll result and global cues the market will stay volatile in the short-term.