Markets Weekahead - Record high CA deficit may weaken stocks

Sat Mar 30, 2013 4:46pm IST

A dealer reacts while trading at a stock brokerage firm in Kolkata May 7, 2010. REUTERS/Parth Sanyal/Files

A dealer reacts while trading at a stock brokerage firm in Kolkata May 7, 2010.

Credit: Reuters/Parth Sanyal/Files

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Reuters Market Eye - Broader sentiment is expected to be weak in Indian stocks after data showed the current account deficit widened to a record high 6.7 percent of GDP in the October-December quarter.

However, the data, coming out after market hours on Thursday, also showed the balance of payments turned positive.

Still, traders say macro-economic indicators may have bottomed out and point to signs of recovery ahead.

Analysts also feel the recent correction in shares have made valuations more compelling.

Drug makers could be in focus as the Supreme Court is due to decide on April 1 whether Novartis AG's cancer treatment Glivec deserves a patent in the country.

KEY EVENTS/FACTORS TO WATCH:

Mon: March HSBC manufacturing PMI, Feb infrastructure output

- Supreme Court ruling on Novartis' Glivec

- Debt/FX markets closed for banking holiday

(Reporting by Manoj Dharra)

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