Weak sentiment across global markets is likely to impact how markets play out in trade today. US stocks dropped more than 2% on Friday after poor labour market figures. That combined with dismal data on industry from the US, Europe, China and elsewhere to produce a picture of a sharply slowing global economy.
Asian stocks fell on Monday, following a heavy sell-off in the US and Europe late last week. Japan's Nikkei hit a fresh 2012 intraday low before pulling back to 8266 levels, still down 2.1%. Australia's S&P ASX 200 dropped 1.5% and Korea's Kospi fell 2.5%.
At 710 am Indian Standard Time, the SGX Nifty was trading at 4,767 – down 1.2%. Technical analysts expect the Nifty to seek support around 4,800 – 4,785, while it may face resistance around 4,875 – 4,900, they suggest.
Among individual stocks, stocks of oil marketing companies will be in focus today on reports that petrol prices have been slashed by Rs 2 a litre.
MphasiS has reported a 13% drop in its March quarter net profit. This could bring the stock back in focus today.
Auto and cement stocks will also be in limelight as they announce their respective sales and dispatch figures for May 2012.
The Department of Disinvestment has initiated the process of taking a fresh Cabinet nod for divesting 10% equity stake in Hindustan Copper through a follow-on public offering. This could bring the stock back in focus today.
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