Markets seen opening lower on weak global cues

Indian Indices:

The Indian benchmarks are likely to open on a weak note today, as suggested by SGX Nifty that was trading in red tracking bearish cues from global peers.  SGX Nifty is trading 20 points lower.

Indian shares rose on Wednesday, recovering from one-month lows and snapping a three-day losing streak, as recent underperformers such as State Bank of India gained on value-buying while a firmer trend across the region also helped.

On (Wednesday 10, 2014), 30-share Sensex gained 34 points to end at 27,831 and the 50-share Nifty surged 15 points to close at 8,356.

Global Market:

Asian stocks fell early as falling oil prices continued to feed into global growth concerns, while the dollar lost more ground against peers such as the yen and euro after a further drop in U.S. bond yields.

US stocks suffered their worst declines in about two months on Wednesday as a renewed slump in oil prices slammed energy companies while investors fretted that a stunning drop in oil prices signals a more worrisome global-economic slowdown.

European stocks fell for a third session in a row on Wednesday as a further plunge in crude prices knocked down the shares of oil majors and oil services groups such as Royal Dutch Shell and Fugro.

Major Headlines of the day:

Tata Power to acquire Ideal Energy Projects.

Cipla’s arm Meditab sells stake in Jiangsu for $ 18.5 mn.

Reliance Capital to sell Yatra.Com stake for Rs500 cr.

Godrej eyes acquisitions to fuel growth.

SGX Nifty

sgxnifty.org@imediaone.com

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