 "Markets likely to open lower on weak global cues")
Markets are likely to open lower tracking weakness in their Asian peers and sharp decline in US stocks on Friday. Further, selling by foreign institutional investors is likely to weigh on sentiment.
At 8:30am, the early indicator SGX Nifty was down 90 points at 7,514.
"The Asian markets were trading lower and the Indian markets are expected to open with a negative note," Geojit BNP Paribas Financial Services said in a note.
Foreign Institutional Investors were net selllers in equities worth Rs 1,237 crore on Friday, as per provisional stock exchange data.
On macro front, IIP for November 2015 and CPI for December 2015 will be announced on Tuesday. Further, WPI for December 2015 will be unveiled on Thursday.
Further, investors are likely to keep a watch on the third quarter earnings which kicks off this week with TCS announcing its earnings on Tuesday.
GLOBAL MARKETS
Asian stocks were trading lower with Chinese shares down over 1% ahead of trade data on Wednesday. Japanese were closed for trading today. Among others in the region Straits Times was down over 1% while Hang Seng dropped 2.6%.
U.S. equities ended lower on Friday, shrugging off encouraging jobs data, with major benchmark indices losing 1% each amid global growth concerns while weakening crude oil prices also dented investor sentiment. The Labor Department said that non-farm payrolls rose by 292,000 in December while unemployment rate was steady at 5%. For the week, both the Dow and S&P 500 recorded their worst weekly start to the year in history. The Dow Jones industrial average ended down 1% at 16,346, the broader S&P 500 slipped 1.1% to close at 1,922 and the tech-laden Nasdaq Composite closed 1% lower at 4,644.
Stocks to Watch
Metal stocks may be under pressure on the back of yuan devaluation and a stronger dollar.
Lupin may gain after the company said it has received final USFDA approval to sell the generic version of oral contraceptive Generess tablets in the U.S. market.
Tata Power may see some action after the company said it plans to sell unsecured, redeemable non-convertible debentures worth Rs 500 crore.
ONGC and Oil India are likely to be in action after government has waived customs duty on import of goods for producing oil and gas from the 69 idle fields of state-owned ONGC and Oil India.
Ashok Leyland may firm up after the company said it has received a $50 million worth order for 680 vehicles and spare parts from the Government of Zimbabwe.
Paper manufacturers such as JK Paper, Ballarpur Industries may gain on reports that they have raised prices by 2-5% ahead of peak demand season.
Lanco Infratech may gain after its subsidiary Lanco Kondapalli Power Limited started commerical operations of the 371 Mw unit of Kondapalli Power Project at Vijayawada in Andhra Pradesh from January 09
Vakrangee may be in focys after it announced a strategic tie-up with Mahindra eMarket Limited".
MIC Electronics could be in focus after the board approved the issue of conversion of debt / liability into equity shares and further issue of equity shares on preferential basis.
