Negative opening likely tracking weak global cues;WPI in focus

Markets are likely to open lower tracking weak global weighed down by sharp fall in crude oil prices. SGX Nifty is trading 38.50 points lower.

Indian Indices:

The Indian equity market is expected to start the week on a negative note on the back of weak global cues and poor macro data. The SGX Nifty is trading 38.50 points lower

India’s NSE index fell for a fifth session in six on Friday to post its worst weekly loss since July as oil explorers continued to slump after Brent crude prices slipped to below $ 63 a barrel.

On (Friday 12, 2014) 30-share Sensex ended down 251 points or 0.91% at 27,351 and the Nifty closed 69 points or 0.8% lower to end the trade at 8,224.

Global Markets

Asian stocks have kickstarted the week on the back foot, tracking sharp declines on Wall Street, as investors fretted about the relentless slide in oil prices and declining manufacturing sentiment in Japan.

US stocks declined on Friday as investors, rattled by concerns about the health of the global economy, fueled tripled-digit losses in blue-chip stocks.

European shares tumbled on Friday and posted their biggest weekly loss since mid-2011 as a relentless slide in crude oil prices pounded the European energy sector.

Major Headlines of the day

ONGC to use GSPC’s under-sea infrastructure for KG find.

Oil India signs contract for two oil blocks in Myanmar.

Hinduja group acquires UK’s Old War Office building.

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