Indices signal weak start on global cues

Indian Indices:

The Asian markets do not look supportive and may lead to a lower opening for the Indian markets. SGX Nifty is trading 14.00 points lower

Indian shares jumped over 1% on Monday to record highs, surpassing their previous all-time highs hit just last week as lenders including ICICI Bank extended a recent rally boosted by strong foreign investor flows. The BSE Sensex rose 1.38% and NSE Nifty was up by 1.36%.

On Monday (March 24, 2014) Sensex closed at 22055.48, up by 300.16 points, while the Nifty rose 88.60 points to close at 6583.50.

Global Market

Asian shares were in a defensive mode on Tuesday after Wall Street fell overnight, though still-vague hopes of a new stimulus plan in China could improve investor sentiment..

US stocks bounced off session lows but still finished Monday lower as selloff in biotechnology companies weighed on indexes on a day light on economic news. Losses followed a drop in prices on Friday, which dented last week’s gains.

European stocks fell on Monday, trimming last week’s lofty gains as concern over events in Ukraine and China’s flagging manufacturing activity pegged a key index back from the top of its recent range.

Major Headlines of the day

Mahindra, Honda, Tata may hike car prices.

Financial Technologies to sell Rs72.9 cr worth shares to Golden Oak.

Engineers India wins $ 40 million overseas contract.

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