Markets likely to open lower

Indian Indices:

The key domestic benchmarks are likely to open lower today tracking a mix trend in Asian markets. SGX Nifty is trading 23.00 points down.

Investors will remain cautious ahead of the RBI policy meet tomorrow where the central bank is expected to maintain status quo on interest rates.

Indian shares rose on Friday to snap a three-day losing streak as rate-sensitive stocks such as IDFC Ltd jumped after Standard and Poor’s raised India’s sovereign credit outlook to ‘stable’ from ‘negative’. The BSE Sensex and the CNX Nifty ended 0.60%-0.72% higher.

On (Friday 26, 2014) 30-share Sensex ended up 158 points at 26,626 and the 50-share Nifty ended up 57 points at 7,969.

Global Market:

The dollar hit a four-year peak against a basket of currencies in early Asian trade on Monday, bolstering Japanese shares, but other Asian shares shrugged off Friday’s Wall Street rebound in the face of political unrest in Hong Kong.

US stocks ended higher on Friday, with the S&P 500 rallying back above a key technical level, but the advance was not enough to offset recent declines and major indexes closed out their worst week of the past eight.

European shares rose on Friday, led by banks on expectations they will be the big winners in the ECB’s drive to stave off deflation, while Allianz sank on news fund manager Bill Gross was leaving the group’s asset-management unit Pimco.

Major Headlines of the day.

DLF under scanner for alleged service tax evasion.

SAIL to soon take call on setting up steel plant in MP.

Nalco to invest Rs660 cr on 100 MW wind power plant.

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