Markets may edge lower in opening trades following subdued global cues after meeting between the European leaders was a dissapointment yesterday. The Nifty futures on the Singapore Exchange declined 20 points, at 5,034.
Overnight US markets ended lower following renewed concerns in Europe after meeting between leaders of France and Germany failed to quell fears of sovereign debt crisis. While Germany's Angela Merkel and France's Nicolas Sarkozy unveiled plans for a closer Eurozone integration, they refrained from selling common European bonds and also hinted for a financial transaction tax. In the US, the Nasdaq Composite and the S&P 500 lost almost 1% each and the Dow Jones Industrial Average was off 0.7%.
Asian markets were trading flat in the morning session, the Nikkei Stock Average was at 9,017, Shanghai Composite was also unchanged at 2,729 and the Hong Kong's Hang Seng was up 0.8%.
On Tuesday, the Indian markets ended at 14 month low after July Inflation remained stubbornly high at around 9.2% stoking fears that the Reserve Bank of India would go ahead with rate tightening during the September policy. Analysts said that the markets may continue to remain under pressure due to high interest rates.
Among individual stocks DLF will be closely watched after Competition Commission of India imposed a penalty of Rs 630 crore on the company for unfair trade practices and abuse of market dominance.
