Markets seen opening lower; Rupee, Fed eyed

Markets are likely to extend losses for 3rd consecutive trading session tracking global cues.

The Nifty ended at 11-month closing low yesterday after the rupee touched a fresh all-time low.

Traders will continue to monitor the rupee movement and await further steps by the government to prop up the troubled currency. Investors are also waiting to see if minutes of the Federal Reserve's last policy meeting due tomorrow will provide some clarity on when it might start scaling back stimulus.

At 800 hrs Indian Standard Time the SGX Nifty was down 64 points at 5,345.

According to technical experts, the Nifty may seek support around 5,360-5,330, while face resistance around 5,465-5,500.

U.S. stocks lost ground on Monday, with each of the major indexes falling for a fourth straight session, as investors were hesitant to make new bets ahead of an expected shift in Federal Reserve policy that could lead to higher interest rates.

The Dow Jones industrial, Standard & Poor's 500 and Nasdaq Composite Index was down 0.4-1%.

Asian stocks opened lower on Tuesday under a cloud of uncertainty about when the U.S. Federal Reserve will start to reduce its stimulus, which pushed up yields on U.S. Treasuries to two-year highs.

MSCI's broadest index of Asia-Pacific shares outside Japan. Nikkei stock average  shed 0.8 percent in early trade.

STOCKS TO WATCH

Sebi has cleared UK-based Diageo Plc's open offer for acquiring shares worth Rs 15.78 crore of Vijay Mallya group firm Pioneer Distilleries.

Infosys mulling various options to ensure the proposed US immigration Bill does not hamper its operations once implemented.

ONGC Videsh, the overseas arm ONGC, is mulling exercising its pre-emption rights to block China's Sinochem Group from buying 35% interest in Brazilian oilfields for $1.54 billion.

Siemens won two contracts worth Rs 144 crore for improving power distribution in Bangladesh.