Mkts likely to be range-bound this week

Analysts also said without a turnaround in the FII flows,markets may continue to drift sideways. Investors should trade in a stock-specific manner rather than sector-specific.

The government8217;s anti-tax avoidance rule,GAAR,proposal announced in the Budget has been a major dampener for several FIIs whose clients have used participatory-notes P-notes to invest in the Indian market and has been driving away FIIs,experts said.

8220;The market is going to be range-bound this week. For the last one month markets have been trading in a 150-200 points of range and unless this is broken,we cannot see much movement. Uncertainty over GAAR is not letting FIIs contribute much to the Indian equity market,8221; Ashika Stock Brokers Research Head Paras Bothra said.

Bonanza Portfolio Research Analyst Shanu Goel said: 8220;Next week corporate results of Hero MotoCorp,Bharti Airtel will influence the market trend. Important support for Nifty exists at 5,130-5,125 levels and below this next important support is at 5,070-5,050.8221;

Last week,the BSE benchmark Sensex dropped by 187 points to end at 17,187.34 on fresh selling pressure by investors after global rating agency Standard amp; Poor8217;s cut India8217;s long-term credit rating outlook to negative from stable.

Samp;P cut its outlook citing a slowdown in investment and economic growth and a widening in the current account deficit.