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Stock markets are likely to open lower tracking weak global cues. Further, weaker-than-expected September IIP and double digit consumer price inflation will weigh on market sentiment.
Stocks in Asia slipped on Wednesday tracking losses on Wall Street amid uncertainty when the US Fed might start pruning its monetary stimulus measures. Stocks in Japan witnessed profit after sharp gains yesterday. The Nikkei was down 0.5% while the Straits Times was down 0.1%. China's Shanghai Composite was down 0.8% while Hang Seng was down 1.3%.
At 8:23AM Indian Standard Time the SGX Nifty was down 42 points at 6,025.
Stocks on Wall Street ended marginally lower on Tuesday amid profit taking after recent gains which pushed the Dow Jones to a record closing highs. Further, the timing of the US Fed eainvestors adopted a cautious stance as when the US Fed may start withdrawing its bond buying programme.
The Dow Jones industrial average ended down 32 points, or 0.2%, to end at 15,750.67. The Standard & Poor's 500 Index closed 4 points, or 0.2% lower, at 1,767.69. However, the Nasdaq Composite Index ended flat nearly unchanged at 3,920.21.
Key European shares ended lower on Tuesday after lower-than-expected earnings from corporates. The CAC-40 ended 26 points lower at 4,263.78, the DAX dropped 31 points to end at 9,076.48 while the FTSE-100 ended 2 points lower at 6,726.79.
STOCKS TO WATCH
Jet Airways will be in action after The Competition Commission of India (CCI) has given its nod to the Jet Airways-Etihad deal, paving the way for the Abu Dhabi-based airline to acquire 24 per cent in the Indian carrier.
Bosch will be in action after the company reported a good 15.5% growth in net profit to Rs 234 crore for the third quarter of 2013 as compared to the corresponding previous quarter.
Indian Oil Corp may see some action after on reports that the nation's biggest refiner, is in talks to buy Malaysian state oil company Petronas' 10% stake in a Canadian shale gas asset.
Following divestment in several overseas assets and fund raising exercises, Fortis Healthcare reported a consolidated net profit of Rs 32 crore during the July-September quarter, against a loss of Rs 28 crore in the year ago corresponding quarter.
Sun Pharma will also firm up on better-than-expected earnings from its subsidiary Taro Pharma.
Among the major corporate that will annouce their second quarter earnings today include, Tata Steel, Coal India, SBI and ONGC among others.
