The Indian markets may see a flat opening on the back of mixed global cues. The opening indicator, SGX Nifty is quoting at 5,555 down 13 points. FIIs were net sellers yesterday of worth Rs 14.79 crore and domestic funds sold shares worth Rs 130.60 crore after being buyers for the past few days.
Overnight the US markets closed flat after a volatile day of trading as investors were reluctant to make bets a day before a critical labor market report that could magnify fears the economy is slowing.The three major U.S. stock indices have been trending downward and investors worry about more losses if economic figures disappoint.The Dow Jones industrial average fell 0.34% to 12,248. The Standard & Poor's 500 Index dipped 0.12 % to 1,313 and the Nasdaq Composite rose 0.15% to close at 2,773. Also, the dollar fell to a one-month low against a basket of currencies after ratings agency Moody's warned of a downgrade.
In the light of these developments, the Asian stocks bounced though the gains were modest. Japan's Nikkei index was down 0.3% with political uncertainty weighing on sentiment, though cheap valuations and options-related short covering may provide some support. The major gainers among the Asian indices are Shanghai Composite up 0.5% followed by Taiwan Weighted which added 0.2%.
Back home, today the action will be more stock specific. The ADAG pack will be in spotlight after yesterday's happenings and also Sun TV.
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