Market likely to open in red; weak CAD data to weigh

Indian Indices:

The key domestic benchmarks are likely to open lower today tracking a bearish trend in most Asian markets and a negative closing at Wall Street overnight as oil prices tumbled.  SGX Nifty is trading 34.50 points lower.

Iinvestors are likely to weigh the bleak current account deficit (CAD) data which showed that India’s current account shortfall widened to USD 10.1 billion or 2.1% of July-September 2014 GDP, the biggest deficit in more than a year as gold imports jumped, raising fresh concerns over the health of Asia’s third biggest economy.
Caution ahead of Friday’s IIP and CPI numbers may also weigh on sentiment.

Indian shares posted their biggest fall in 7-1/2 weeks as IT services exporter Infosys Ltd slumped after its founders sold the company’s stock, while metals and mining firms tumbled on data showing an unexpected fall in imports to China.

On (Monday 08, 2014), Sensex closed at 28119.40, fell by 338.70 points, while the Nifty lost 100.05 points to close at 8438.25.

Global Market:

Asian share markets were mostly in the red on Tuesday while the U.S. dollar began to edge higher once again aided by a media report the Federal Reserve might take a rhetorical step toward tightening at its meeting next week.

US markets ended lower dragged by losses in energy shares as crude oil prices dropped down to a five-year low. Worries about global growth also dampened sentiments.

European shares fell on Monday, trimming some of the previous session’s sharp gains after Italy’s sovereign debt rating was cut late on Friday and following soft economic data from China and Japan.

Major Headlines of the day:

Maruti bags 4,000-Gypsy order from army.

BHEL commissions hydro power plant in Rwanda.

Oil minister urges South Korean envoy to clear hurdle for GAIL’s LNG ships

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