Experts believe the sharemarket continued to stay in tight range of 7800-8200 on the Nifty till next major trigger that is Union Budget.Global growth concerns and weaker economic data from Germany spooked equity benchmarks on Friday but Infosys’ 7 percent rally on Q2 earnings helped the market cap losses. Largecap indices erased majority of gains seen in previous session.

The 30-share BSE Sensex tumbled 339.90 points or 1.28 percent to 26297.38 and the 50-share NSE Nifty closed below the 7900 level, down 100.60 points or 1.26 percent to 7859.95. The broader markets were not spared either; the BSE Midcap and Smallcap indices declined fell over 1 percent. Experts believe the market continued to stay in tight range of 7800-8200 on the Nifty till next major trigger that is Union Budget.

Nischal Maheshwari, Head Of Research, Edelweiss Securities expects a volatile ride for the Indian market since it is no more dependent on domestic fundamentals which have been getting better by the day, but now there is cause of concern on the global fundamentals especially with IMF’s warning of global growth.

However, every fall in the domestic market should be used as an opportunity to accumulate stocks where the earnings visibility is very strong, said Maheshwari.

Although lower crude prices bodes well for India, it shows the demand world over has reduced, he added. Global markets saw selling pressure after German exports dropped 5.8 percent in August, the largest decline since the financial crisis and remarks from European Central Bank (ECB) President Mario Draghi. Asian markets fell 0.6-2 percent while European markets were down 1-2 percent (at 16 hours IST).

Coustery : http://www.moneycontrol.com/news/local-markets/sensex-slips-340-ptsglobal-woes-q2-nos-lift-infosys-7_1200471.html

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