Markets are expected to open lower following weak global cues and volatility may continue ahead of derivatives expiry this week. The Nifty futures on the Singapore Exchange were down 37 points, at 5.359.
In absence of any domestic triggers markets may continue to take direction from global cues such as the Euro zone debt restricting woes denting investor sentiment. Buying by Foreign Institutional Investors has remained subdued as they bought shares worth only Rs 188.16 crore yesterday, while they have been net sellers of shares of Rs 5254 crore. Analysts said there has been no sectoral leadership as most of the sectors have been trading in the red, except for FMCG, up 0.9% month to date. Additionally Nifty has formed lower tops and lower bottom indicating weak trend ahead.
Asian markets were also trading weak in the morning session following weak debut by Swiss commodity giant Glencore International PLC. Hong Kong’s Hang Seng dipped 0.6% over concerns of growth slow down China weighing on the banking and resource related shares. Japan’s Nikkei stock average was also down 0.4% due to losses in technology shares as Yen advanced.
TAmong individual stocks the country's largest realty firm DLF will be closely watched after it reported 19.2% fall in consolidated net profit to Rs 344.5 crore in fourth quaryer against Rs 426.4 crore in the corresponding quarter last year.