Indian markets opened lower on weak global cues and slid further to end near day lows. The markets lost about 1.7% on concerns that, Spain might become the fourth euro zone member to need a full international bailout after a second region Murcia (after Valentia) indicated that they might need government help. There were also concerns that, there may be resistance to FDI in retail. This may mean that, the government may face further roadblocks to economic reform agenda.
With below-normal monsoons till date and elevated crude prices, RBI may not cut rates in its next meeting on July 31. Thus, markets are hoping for the re-initiation of the reform initiatives by the Government, which may lend support to the stock prices.
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