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The markets are likely to open lower, following weak cues from the Asian front.
The 30-share Sensex had ended at 28,172, down by 37 points and the 50-share Nifty had ended at 8,511, down by 11 points in the previous session.
The Greek drama drags on as the Greek government has to present a detailed reform proposals to allow a bailout deal by Sunday. Euro zone members have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe's currency bloc and into economic ruin.Failure to reach a deal would make a "Grexit" more likely. And there has been a selloff in China following a move by the Chinese regulator to tighten margin trading and short selling rules, thereby making it difficult for investors to borrow money to play the market.
At 8.30am, the SGX Nifty was at 8439, lower by 86 points or 1%.
METALS
The base metals prices crashed following the problems in China. Gold fell to a near four-month low overnight while silver sank nearly 7% and platinum dropped to a 2009 low. Copper prices hit their lowest level in six years overnight on dollar gains and on concerns over demand from China.
OIL
Oil futures steadied early on Wednesday on an expected drop in US inventory, but worries over the Greek debt crisis and China's stock market turmoil dragged on prices.
GLOBAL MARKETS
Asian shares tumbled on Wednesday and the safe-haven yen rallied as Chinese stocks remained in a tailspin, shaking investors already rattled by Greece's debt crisis.
Shanghai's benchmark composite index was down 6.4%, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen slipped 6.7%.
Japan's Nikkei stock index fell 1.5%, roiled by both China's dent to regional sentiment and the stronger Japanese currency.
The Hang Seng dived by 4%, while the Straits Times, Taiwan and Kospi have lost 1-2% each.
Overnight, US stocks ended higher after a choppy session on Tuesday, as a rebound in US oil prices helped offset concerns about a slowdown in China and the Greek debt crisis. The Dow Jones rose 93 points or 0.5% to end at 17,776 and Nasdaq Composite added 5.52 points or 0.11% to 4,997.
STOCKS IN FOCUS
ICICI Bank may be in the news after the country’s largest private sector lender, has charted out an ambitious plan to grow its mobile banking transactions by up to 500 per cent by the end of this financial year.
Public sector mining giant NMDC will establish three million tonnes per annum steel plant in Karnataka in collaboration with the state government at an estimated investment of Rs 18,000 crore, reports quoted Union Steel and Mines Minister Narendra Singh Tomar as saying.
Tata Consultancy Services subsidiary CMC is likely to be in the limelight after posting a net profit of Rs 56.28 for the quarter ended June 30, 2015, a decline of 3.7% compared with Rs 58.42 crore reported in the same period a year ago.
Crompton Greaves may see action after reportedly signed a global supply agreement with cement major Lafarge for electrical motors. This important agreement positions CG as one of the select few preferred global suppliers for Lafarge, said media reports.
According to reports, the Diageo-owned United Spirits (USL) has sold its stake in United Breweries to Heineken, giving the Dutch brewer an upper hand in managing the affairs of India's largest beer producer.
