 "Pre-market: Gap-down opening likely tracking weak global cues")
Benchmark indices are likely to open with a gap-down tracking the significant losses in select Asian markets and the overnight sharp decline on Wall Street. Globally equity markets have declined on sustained fall in global crude prices and concerns over political uncertainty in Greece.
At 8:23AM, the early indicator SGX Nifty was down 61 points at 8,355.
Oil prices slumped to new 5-1/2-year lows on Monday on worries about a surplus of global supplies and lacklustre demand. The two crude oil benchmarks - Brent and U.S. light crude, also known as West Texas Intermediate - have now lost more than half of their value since mid-2014.
Among Asian markets, Japan's Nikkei share average tumbled 2.6% on Tuesday as concerns over Greece's future in the euro zone and weak oil prices curbed risk appetite, while the strong yen dragged down exporters. Hang Seng index has lost close to 1%. However, Shanghai Composite index is trading against the global trend and is up by 0.7% as the Chinese HSBC Services PMI for the month of December at 53.4 is at a three-month high.
Overnight, US markets experienced sharp selling pressure particularly in the energy stocks as global crude prices slumped further. The U.S. S&P 500 had its worst day in almost three months on Monday, dropping 1.8% while Dow Jones Industrial Average declined around 1.9% and Nasdaq Composite lost nearly 1.6%.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 472 crore on Monday, as per provisional stock exchange data.
Stocks to watch
Sustained fall in global crude oil prices will bring the focus on oil marketing companies like IOC, BPCL and HPCL.
Bajaj Corp will be in focus as RBI has allowed foreign investors to buy up to 49% of its paid-up capital.
IDBI Bank is in focus on media reports that the public-sector bank is planning to raise Rs 2,600 crore by infrastructure bonds with a 10-year maturity.
GMR Infrastructure is in focus on media reports the civil aviation ministry is to offer the contract for building and running the proposed Jewar airport in Greater Noida to the GMR Group.
Jubilant Life Sciences will attract investors as the pharma company has received approval from US FDA to lauch generic versions of Mycophenolate Mofetil, an immuno-suppressant, and Rizatriptan, used for treatment of migraine, in the American market.
Deepak Fertilisers, which is in the middle of a year-long battle to acquire Mangalore Chemicals and Fertilizers, has sold over two per cent stake in the takeover target in nine tranches during the past month.
At 8:23AM, the early indicator SGX Nifty was down 61 points at 8,355.
Oil prices slumped to new 5-1/2-year lows on Monday on worries about a surplus of global supplies and lacklustre demand. The two crude oil benchmarks - Brent and U.S. light crude, also known as West Texas Intermediate - have now lost more than half of their value since mid-2014.
Also Read
On the political front, the Union Cabinet on Monday finalised the reserve prices for the 800-, 900- and 1,800-MHz telecom spectrum bands and said the 2,100-MHz band would be auctioned simultaneously with the other bands in February. Also, the Cabinet has approved an ordinance for the auction of iron ore and other minerals.
Among Asian markets, Japan's Nikkei share average tumbled 2.6% on Tuesday as concerns over Greece's future in the euro zone and weak oil prices curbed risk appetite, while the strong yen dragged down exporters. Hang Seng index has lost close to 1%. However, Shanghai Composite index is trading against the global trend and is up by 0.7% as the Chinese HSBC Services PMI for the month of December at 53.4 is at a three-month high.
Overnight, US markets experienced sharp selling pressure particularly in the energy stocks as global crude prices slumped further. The U.S. S&P 500 had its worst day in almost three months on Monday, dropping 1.8% while Dow Jones Industrial Average declined around 1.9% and Nasdaq Composite lost nearly 1.6%.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 472 crore on Monday, as per provisional stock exchange data.
Stocks to watch
Sustained fall in global crude oil prices will bring the focus on oil marketing companies like IOC, BPCL and HPCL.
Bajaj Corp will be in focus as RBI has allowed foreign investors to buy up to 49% of its paid-up capital.
IDBI Bank is in focus on media reports that the public-sector bank is planning to raise Rs 2,600 crore by infrastructure bonds with a 10-year maturity.
GMR Infrastructure is in focus on media reports the civil aviation ministry is to offer the contract for building and running the proposed Jewar airport in Greater Noida to the GMR Group.
Jubilant Life Sciences will attract investors as the pharma company has received approval from US FDA to lauch generic versions of Mycophenolate Mofetil, an immuno-suppressant, and Rizatriptan, used for treatment of migraine, in the American market.
Deepak Fertilisers, which is in the middle of a year-long battle to acquire Mangalore Chemicals and Fertilizers, has sold over two per cent stake in the takeover target in nine tranches during the past month.