'The worst seems over for now' - Shankar Sharma

Shankar Sharma, chief global trading strategist, First Global, spoke to Ujjval Jauhari on the markets.

How do you see the markets panning out from here on, given the recent sell-off? What are the likely triggers for an upside / downside?

The worst seems to be over for now. We will have to see what fresh developments take place globally, but I don’t see an immediate downside from here on. The markets have corrected substantially and we can argue to a reasonable extent that the negatives are factored in at current levels.

Rakesh Jhunjhunwala : Golden period of Indian equities is still ahead

In an exclusive conversation with ET Now, Big Bull Rakesh Jhunjhunwala says that the next 3 months are likely to be very difficult period for the markets, but he is extremely bullish on their long-term prospects. Excerpts: 

ET Now: Indian markets have been stuck in this range from last six months. Do you think we could remain in this range for an extended period of time? 

Rakesh Jhunjhunwala: The next three months are going to be a very difficult period for the markets. The chances to break down to me seem to be greater than the chances to break up, at least in the next three months.

GTL tanks 60%, firm says fall 'attack on group'

Shares of the GTL group plunged on Monday, even as it is not yet clear what triggered the sell-off in them.

Flagship GTL was down nearly 60% to Rs 135, and market talk is that the slide could have been accentuated by margin calls getting triggered. Promoters hold around 52% in the company, of which a little over 24% has been pledged with lenders, according to the company's filing with the stock exchanges as on March 31.

Rakesh Jhunjhunwala : Next 3 months to be very difficult for markets

In an exclusive conversation with ET Now, Big Bull Rakesh Jhunjhunwala says that he is concerned about the impact of inflation on Indian equities and it is indeed the biggest risk for the markets. He says that the next 3 months are likely to be very difficult period for the markets. Excerpts: 

What is your view on the markets? 

The next three months are going to be a very difficult period for the markets. The chances to break down to me seem to be greater than the chances to break up, at least in the next three months. 

RBI Credit Policy

Imperative to continue with normalization of rate and system is likely to remain in deficit mode making repo rate the benchmark, says RBI, reports NDTV Profit. Monetary policy works best when liquidity is being injected, it adds, reports the channel.

RBI narrows LAF Corridor to 125 bps versus 150 bps and raises projection for FY'11 GDP growth to 8.5% from 8%, reports NDTV Profit. Real policy rates are not consistent with strong growth and to contain inflation and prevent build-up of inflation pressures, says RBI, reports the channel.

RBI has raised Repo Rate to 5.75% from 5.5% and Reverse Repo Rate has been hiked to 4.5% from 4%, reports CNBC TV18. The Nifty is back in the green with the Sensex trading at 18060 up 40 points from its previous close, and Nifty is at 5428, up 9 points.

RBI hikes Repo Rate by 25 bps and Reverse Repo Rate by 50 bps while CRR remains unchanged at 6%.