The markets are likely to start on a watchful note on the first trading day of the new financial year, which also marks the beginning of the second quarter of the calendar year 2012.
Indian equity markets lost momentum during FY12 after successive gains in past two financial years. The Sensex and declined around 10 per cent each in FY12, despite the 13 per cent rally in the fourth quarter (January-March).
“Since there are no visible positive triggers in the short term, equity markets are likely to remain lacklustre and may witness a downside of around 10 per cent from current levels,” said Motilal Oswal, CMD, Motilal Oswal Securities.
The Asian stock markets are expected to open to the upside on Monday after euro-zone finance ministers decided to raise the combined size of the region's bailout funds to prevent the possible spill over of the debt crisis in some member states.
At 715 am Indian Standard Time, the SGX Nifty was trading at 5,315 levels – down 12 points.
Among individual stocks, watch out for Mahindra & Mahindra as it reported 25 per cent increase in sales in March – the highest ever monthly sales number in the history of the company.
Tata Motors also registered a healthy 34 per cent year-on-year increase in its March sales.
Zee group is close to buying out Dainik Bhaskar (DB) Corp from Diligent Media Corporation, which publishes DNA, the daily English language newspaper.
In a first instance of the government allowing an actual user from private sector to import gold directly, Tata Group firm Titan Industries has been given nod to bring the yellow metal from overseas market.
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