Meanwhile, the rupee touched a fresh all time low of 54.29 to the dollar and then recovered pretty dramatically partly because of stock market recovery and partly because of RBI supplying dollars.
The year gone by has not been great in terms of performance for the Indian markets. UR Bhat, managing director, Dalton Capital Advisors continuing his pessimistic view on market sees no reason to be bullish on Indian market in 2012 as well.
According to Bhat, RBI's move to bring down speculation in the Forex market has imparted some stability to the rupee. But he feels that foreign investors may not more funds in India. "In US dollar terms, most foreign investors have lost almost a third this year and so that is not a very interesting prospect for them to commit more money to this country," he explains.
He expects Nifty to remain the range of 4,650 to 4,900 in the near- term.
"The range would remain 4,650 to 4,900 barring some important events that might unfold in Europe or India if there is going to be some dramatic announcements in terms of policy initiatives," he added. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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