October series to open lower on weak global cues

Indian Indices:

The key domestic benchmarks are likely to open lower today tracking a mostly bearish trend in Asian markets. SGX Nifty is trading 36.00 points down.

Adding further, market is in a correction phase after a massive rally in recent weeks.

Further, investor sentiment may be impacted by the Supreme Court’s decision to cancel most coal blocks allocated since 1993 and slap a $ 1.3 billion penalty that may cause a coal shortage and raise power generation costs in Asia’s third biggest economy.

Indian shares fell for a third consecutive session on Thursday, as lenders and other coal-related firms remained under strong pressure a day after the country’s top court scrapped all but four of 218 coal blocks allocated by the government since 1993. The BSE Sensex and the CNX Nifty ended 1.03%-1.13% lower.

On Thursday (September 25, 2014) 30-share Sensex ended down 276 points at 26,468 and the 50-share Nifty ended down 91 points at 7,912.

Global Market:

Asian shares got off to a rocky start on Friday after a sharp drop on Wall Street curbed enthusiasm for the dollar even after it touched multi-year highs in the previous session.

U.S. stocks ended with sharp losses on Thursday, with the S&P 500 suffering its biggest one-day decline since July, as Apple tumbled and the dollar rose to a four-year high.

European shares slipped to a one-month low in late trading on Thursday, tracking a sell-off in U.S. stocks, as a stronger dollar undercut prices for industrial metals, causing mining shares to drop.

Major Headlines of the day.

JSW Energy to buy hydropower plants from Jaiprakash Power.

Emami acquires vanaspati oil brand Rasoi.

Rico to sell stake for Rs495 cr to Japanese partner.

Petronet LNG working on Gangavaram’s commercial structure.

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