Indian Stock market closed lower on Monday after registering moderate gains in the first week of year 2013. The market opened slightly lower and in the afternoon session, slipped further as the European indices opened weak.

Goldman Sachs has upgraded growth outlook for China and India. The brokerage house expects Asian region to grow better for year 2013 with focus on India and China.

Goldman Sachs has further added that NSE Nifty could touch 7000 by year end as Indian companies are expected to perform better. After two years of downgrades, the brokerage has given positive outlook for India.

US Dollar gained compared to Indian currency in today's trade. USD-INR was trading at 55.22. Euro-INR was trading at 72.11. British Pound-INR was trading at 88.74.

In few days, the third quarter results will start coming and market direction will be guided by performance of Indian companies.