Uttar Pradesh, India (PressExposure) February 25, 2009 -- With the Interim Budget proving to be a non-event and the current global market scenario turning from bad to worse, the outlook for the stock market of India seems stern. As traders step into a shortened week of trade, the market mood remains sombre. The Indian market will see continuance of this week's weakness. There is absolute woozy on the direction of the market. The only glimmer of hope is a rate cut by the RBI. But the market has been expecting a move from the central bank for the past some weeks, so that news has also been brushed off, told Hitesh Aggrawal, head of research of Angel Broking.
The investors in Asia and Europe found some reasons to wade into the market on Friday after the Dow Jones transgressed the levels it touched in November, when global equities went into a spin at the high of last year's financial crisis.
On Friday 20th 2009, Bombay Stock Exchange's 30-share Sensex ended at 8,843.21, down 199% or 2.21 points. This index has witnessed a fall of 8.22%. Furthermore, with the derivatives contracts expiry for February in the fourth coming week, unpredictability is also likely. The overall market condition is very stern. According to the NSE circular, stocks with differential contract size of less than Rs. 2,00,000 will experience their heap size increasing two-three folds. As a result, 243 stocks would see rise in massive sizes with effect from March expiry.