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Pre-market: Weak opening expected, eye on expiry

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Shilpa Johnson Mumbai
Last Updated : Jan 20 2013 | 2:34 AM IST

The markets are likey to reflect certain amount of weakness in the opening trades following disappointing global cues. Furthermore, the bourses could remain volatile, ahead of the September expiry, as investors roll-over their positions from the September series to the October series. The Singapore Nifty futures are at 4,921, down 20 points.

Overnight, in the US markets, stocks closed down, ending a three-day winning streak for all three indexes as stiff declines in energy and metals prices underscored investor concerns about global economic weakness and Europe's raging debt crisis. Investors were on a knife edge as inspectors from the EU and IMF headed to Greece to scrutinize austerity plans while German Chancellor Angela Merkel worked to defuse a revolt within her government ahead of a vote to expand Europe's bailout fund on Thursday. The Dow Jones industrial average closed down 1.6% at 11,011, though the index bounced around throughout the day. The S&P 500 closed down 2.1% at 1,151, while the Nasdaq Composite closed down 2.2% at 2,492.

In Asia, the markets have been trading weak in the morning with the Shanghai Composite and Nikkei indices having shed nearly 1% each.

Back home, on Wednesday, after having spent most of the day in the negative, stocks declined and ended marginally lower as weakness in the global markets rubbed off on the bourses. The BSE Sensex ended at 16,446, down 78 points and the S&P CNX Nifty ended at 4,946, down 25 points.

Among individual stocks, NMDC might be in the limelight today after it announced the signing of an agreement with Russia's Severstal by December to set up a three million tonnes per annum steel plant in Karnataka under a 50:50 joint venture.Kingfisher Airlines which is exiting the low cost flying business  may also be in the buzz today.

Other stocks to watch out for include Oberoi Realty, DLF, ITC and Glenmark Pharmaceuticals.

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First Published: Sep 29 2011 | 8:34 AM IST

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