India's growth will slump to its lowest in nine quarters as a string of interest rate rises and lack of policy initiatives hamper industrial output and erode the already dented business sentiment, an ET survey shows.
The gross domestic product in Asia 's third largest economy will grow at an average 7% in the three months to September, according to a poll of 11 leading economists. The economy grew at 7.7% in the April-June quarter.
According to dealers, the market is likely to remain rangebound ahead of Q2 GDP figures to be released today.
Indian markets are likely to continue to be under pressure as aggressive short covering on Monday has given way to renewed selling pressure.
"Markets may come down to levels closer to 4740 levels on the Nifty. Traders with shorts on the index must continue holding shorts with a stop loss above 4840 and a target of 4700 on the Nifty," said Kunal Saraogi, CEO, Equityrush.
"Over the fortnight Nifty is likely to stay between 4950 and 4650 levels and there is an increasing possibility that markets may build a range between these two major levels," added Kunal.
At 08:00 AM, Nifty India stock futures in Singapore were down 13 points at 4,799.00, indicating a flat-to-higher opening in the domestic market. Feel free to forward this Op Ed and follow our Blog stock market news today
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