The stock markets are expected to open today on a buoyant note with brokers confident that the Bombay Stock Exchange sensitive index would cross the 4000 mark this week. Foreign institutional investors (FIIs) are however likely to wait till the mid-week.
Crucial to the markets rally would be the performance of Indian global depository receipts at the London and Luxembourg markets. The GDR market rose sharply on Friday last, with issues of automobile, pharmaceutical, cement and aluminium companies gaining ground.
There is however a view that the FIIs would prefer to wait and assess the corporate results expected to trickle in this month. Marketmen do not rule out a hike in prices of petroleum products soon. Analysts tracking the Sensex say a correction level could be touched around 3790 points.
There is nothing that corporates can crib about now. If they fail to deliver the goods, the market will definitely slump, says R Ramchandran, director, Ind Global Securities.
Market sources say that activity is limited to pivotals. But the fate of the current rally will largely depend on how fast the activity spreads to the side counters.
