Market set for bearish opening on global woes

Indian Indices:

The key domestic benchmarks are set to open lower today tracking a mostly weak trend across markets in Asia as the sell-off in oil continued while a contraction in Chinese manufacturing this month raised concerns over the health of the global economy.

SGX Nifty is trading 55.00 points lower.

Fresh fears over growth after the biggest contraction in industrial output in three years in October may continue to weigh on sentiment.

Indian shares ended flat after earlier hitting their lowest levels in 1-1/2 months as software services providers fell after Tata Consultancy Services’ tepid comments on its outlook, while other blue-chips were hit by global risk aversion. The S&P BSE Sensex and CNX Nifty ended 0.11%-0.05% lower each.

On (Monday 15, 2014), 30-share Sensex ended 31 points lower at 27,320 and the 50-share Nifty dipped 5 points to end at 8,220.

Global Market:

Sliding oil prices and a downbeat China factory survey weighed on Asian shares on Tuesday, while the ruble jumped against the dollar after Russia sharply increased its benchmark interest rate in a bid to halt a collapse in its currency.

Overnight, drop in crude oil prices resulted in US markets closing lower. Dow Jones ended down 0.5%, S&P 500 declined 0.6% while Nasdaq Composite index declined around 1%.

European shares tumbled on Monday, resuming last week’s sharp sell-off as the relentless drop in oil prices hurt energy shares and fuelled fears of deflation in the euro zone.

Major Headlines of the day:

CCI clears Reliance-Prime Focus deal.

JSW returns Salboni project land to farmers.

GSK Consumer elevates marketing head Jayant Singh to regional position.

Godrej aims sales worth Rs2,800 crore by fiscal-end.

SGX Nifty

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