Markets are expected to open on a subdued note following marginal losses across Asia on back of weak economic data from China and uncertainty over consensus on US debt ceiling. The Nifty futures on the Singapore Exchange slipped 4 points, at 5,560.
US markets clocked losses on Wednesday on renewed worries over ballooning US and Europe debt. The S&P 500 Index and the Nasdaq Composite Index fell 0.7% and 0.4% each. Markets across Asia were lacklustre on Thursday morning after China's HSBC's preliminary Purchasing Managers index, an indicator of manufacturing activity fell to a 28 month low of 48.9 in July. China's Shanghai Composite declined 0.6% and Hong Kong's Hang Seng was off 0.5%. Japan’s Nikkei Stock Average declined 0.1%.
Back in India Hero Honda, Sesa Goa, Hindustan Zinc and Biocon will be closely watched ahead of the first quarter results. Markets will take cues from Reserve Bank of India policy next week; economists expect 25 bps rate hike as Inflation accelerated to 9.4% in the month of June. Consecutive rate hikes have caused analysts’ to scale down India's growth expectation to sub 8% for FY12.