 "Pre-Market: Market seen opening lower")
After snapping a three day winning rally as bechmarks came under selling pressure yesterday as investors booked profits at higher levels. Market is likely to further consolidate today and is seen opening lower tracking lacklustre Asian market and Nifty futures at the Singapore Exchange (SGX).
At 8.28am, SGX Nifty was trading at 6351, down 29 points, indicating a weak start.
The BSE Sensex and the Nifty retreated on Tuesday from record highs in the previous session, as a rally sparked by the strong showing by the key opposition party in state elections faded, with investors booking profits in blue-chips such as ICICI Bank. The Sensex was down 0.33 per cent, or 71.16 points, to end at 21,255.26, retreating from its record high of 21,483.74 made on Monday. The Nifty fell 0.5 per cent, or 31.05 points, to end at 6,332.85, from an all-time high of 6,415.25 hit on Monday. Both indexes snapped a three-day winning streak, with other analysts uncertain about whether the rally can sustain this week.
Meanwhile, Asian markets look are traded sideways on Wednesday as investors booked profits on a range of once-crowded positions, sending the dollar and Wall Street lower, while lifting the euro, bonds and gold.
News that U.S. budget negotiators had reached a two-year deal to avoid another government shutdown should be a relief to markets globally, but perhaps not enough to brighten the year-end blues.
Stocks in US were off Tuesday, after a record close on the S&P 500, a day earlier. Traders are now eyeing next week's Federal Reserve meeting for potential cues.
The Dow Jones industrial average ended 0.33 percent lower, while the S&P 500 Index was down 0.32 percent. The pan-European FTSEurofirst 300 index fell 0.74 percent.
Back home, Coal India will be in focus today after competition regulator has imposed a fine of Rs 1770 crore on state-run for misusing its dominant position and imposing unfair conditions in fuel supply agreements with customers.
Bharti Airtel will be focus too as Mukesh Ambani-controlled Reliance Jio on Tuesday signed an agreement with India's largest telecom carrier for sharing its 4G (LTE) telecom infrastructure.
At 8.28am, SGX Nifty was trading at 6351, down 29 points, indicating a weak start.
The BSE Sensex and the Nifty retreated on Tuesday from record highs in the previous session, as a rally sparked by the strong showing by the key opposition party in state elections faded, with investors booking profits in blue-chips such as ICICI Bank. The Sensex was down 0.33 per cent, or 71.16 points, to end at 21,255.26, retreating from its record high of 21,483.74 made on Monday. The Nifty fell 0.5 per cent, or 31.05 points, to end at 6,332.85, from an all-time high of 6,415.25 hit on Monday. Both indexes snapped a three-day winning streak, with other analysts uncertain about whether the rally can sustain this week.
More From This Section
The Asian Development Bank (ADB) on Wednesday kept its growth forecast for India at 4.7 percent for this year, and sees the country growing at 5.7 percent in 2014.
Meanwhile, Asian markets look are traded sideways on Wednesday as investors booked profits on a range of once-crowded positions, sending the dollar and Wall Street lower, while lifting the euro, bonds and gold.
News that U.S. budget negotiators had reached a two-year deal to avoid another government shutdown should be a relief to markets globally, but perhaps not enough to brighten the year-end blues.
Stocks in US were off Tuesday, after a record close on the S&P 500, a day earlier. Traders are now eyeing next week's Federal Reserve meeting for potential cues.
The Dow Jones industrial average ended 0.33 percent lower, while the S&P 500 Index was down 0.32 percent. The pan-European FTSEurofirst 300 index fell 0.74 percent.
Back home, Coal India will be in focus today after competition regulator has imposed a fine of Rs 1770 crore on state-run for misusing its dominant position and imposing unfair conditions in fuel supply agreements with customers.
Bharti Airtel will be focus too as Mukesh Ambani-controlled Reliance Jio on Tuesday signed an agreement with India's largest telecom carrier for sharing its 4G (LTE) telecom infrastructure.