Indian share prices are seen firming this week on expected strong annual results by blue-chip old economy companies that should cheer investors, dealers said. On Friday, the benchmark Bombay Stock Exchange 30-share Sensex closed at 6,388.48, up 234.04 points. Dealers said companies such as Tata Motors and Tata Steel were expected to post strong performances for the full-year ended March 31 that would keep market sentiment upbeat. "The market has closed on Friday on a firm note and we expect it will open strong," said a fund manager with a foreign brokerage.
"Sentiment will also be influenced by results of Tata Steel and Tata Motors that are expected to post strong growth," he said.
Investors expressed discontent last week after disappointing results from some software companies. But old economy companies are expected to report good results on the back of a booming economy.
"(Car company) Maruti has given good results and Tata Motors is expected to follow the same route. I expect the market to be firm next week and in the near term as these old economy firms post good performances," said Sanjay Suratwala, dealer at Dalal and Broacha Stock Broking.
Analysts said Friday's trading also showed interest from new Asian funds.
Comments
Comments are closed.