Markets may post steep losses in opening trades following sell-off across Asia as investors booked profits in financial shares that were exposed to Europe. The Nifty futures on the Singapore Exchange declined 80 points, at 4,956.
Asian markets plunged on Monday morning due to renewed concerns of escalating sovereign debt crisis in the Europe. Bond risk surged to a two year high on speculation that Germany was preparing for a default by Greece.
Japan's Nikkei Stock Average declined 2%, China Shanghai Composite was trading flat and Hong Kong's Hang Seng was off over 3%
On Friday, the Dow Jones Industrial Average and the S&P 500 declined almost 3% each.
Back in India, markets may remain under pressure owing to weak global cues. The Reserve Bank of India Policy on September 16, industrial output data for the month of July and advance tax numbers will also be closely watched. The IIP data is expected around noon today. Reuter's poll expects JulyIIP around 6.2% from a year earlier, slower than 8.8% growth seen in June. Growth may moderate going forward due to 11 consecutive rate hikes since March last year.
Among individual stocks Tata Motors will be on the radar after group’s Chief Executive Officer Carl Peter Forster resigned with immediate effect after serving the company for 18 months. The Tata Motors ADRs slipped over 9% on the Nasdaq Stock Exchange.
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