Markets set for bearish opening

Indian Indices:

The key domestic benchmarks are likely to open lower today tracking a bearish trend following Asian markets. SGX Nifty is trading 49.50 points lower.

Further, investors may react negatively to tepid IIP numbers which showed that industrial output growth slowed to a mere 0.5% in July 2014, year on year from an annual 3.9% expansion in June 2014.

Indian shares edged higher, snapping three days of falls as blue chips such as ITC Ltd recovered, but broader advances were capped by caution ahead of inflation data and mild selling by foreign investors. The BSE Se nsex and the CNX Nifty ended 0.24% higher.

On (Friday 12, 2014) Sensex ended higher by 65 points at 27,061 and the 50-share Nifty gained 20 points at 8,106.

Global Market:

Asian stocks stumbled to their lowest in five weeks on Monday after a batch of weak data out of China raised the spectre of a sharp slowdown in the world’s second-biggest economy.

U.S. stocks fell on Friday as energy shares extended their recent slide, while rising bond yields drove down high-dividend paying shares.

European equities finished slightly lower on Friday, with investors refraining from making strong bets on stocks before Scotland’s referendum and the U.S. Federal Reserve’s policy meeting next week.

Major Headlines of the day:

TCS opens Saudi Arabia’s first all-woman BPO centre.

West Bengal to transfer its shares in Haldia Petrochemicals to TCG.

LIC in favour of raising FDI cap in insurance sector to 49%.

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