Markets are likely to see a negative opening this morning, following a global sell-off. Wall Street extended losses on Tuesday by nearly 3% after data showed the pace of growth in U-S manufacturing unexpectedly slowed in October.
Asian shares fell on Wednesday as investors shed riskier assets after Greece's abrupt call for a referendum rekindled fears about the viability of a European debt deal reached just last week. Investors fear that this may lresult in the deal being undone. Japan's Nikkei share average opened down 1.31 per cent and extended losses to stand nearly 2 per cent lower. The SGX Nifty is down 1% at 5,238 - pointing to a soft opening for our markets.
On Tuesday, markets in India lost 1.2%, falling the most in 10 days, as investors continued to take profits after last month’s rally. The Sensex ended 224 points to 17,480.
Stocks to watch out for today include HCC, SKF India and Kingfisher Airlines. The Maharashtra government is set to initiate legal proceedings against Lavasa Corporation for violating the Environment Protection Act. This can effect HCC negatively.
SKF India is likely to be in limelight on reporting 35 per cent jump in its net profit in the September 2011 quarter. Kingfisher Airlines is likely to be under pressure on reports that the banks have rejected its debt recast plan.
Auto shares may be in focus after most companies reported dissaponting sales figures in the last month.
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