The Indian market is trading higher today on positive global cues. Both the US and European markets closed higher as the European Central Bank cut rates by 0.25 per cent and Greece called off the referendum. In the early morning trade today, the 30-share BSE Sensex was up 140 points to 17619.73, while the 50-share NSE Nifty was up 34.40 to 5,300.15.
According to Edelweiss Advisors, an upside level for the Nifty is capped at 5300. “Expect the Nifty to trade cautiously with a negative bias in the short term,” they said in an interview to NDTV Profit, adding that the market is still going to remain highly volatile despite witnessing a rally.
Edelweiss, however, feels that the commodity prices are likely to cool-off and emerging economies like India will gain from this movement.
Commenting on the petrol price hike, they said that the hike may impact inflation negatively.
Edelweiss Advisors didn’t give a very positive outlook on the global markets. They believe that the revival signals showed by the US and Europe are not great and there is a strong possibility of 'no fresh fiscal stimulus' from the US. “Concerns over possibility of IMF not paying next tranche of aid to Greece are still hovering the global markets,” they added.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.