Markets are likely to kick-start the trading session on a week note, following a major sell-off across the global markets. The Singapore Nifty Futures are at 4,835, down 33 points.
In US markets, as investors shrugged off a positive US manufacturing report and focused on the worsening debt crisis in Europe, stocks finished at their lowest levels since September 2010. Investors' primary focus remains on Greece's attempts to deal with its deficit problems. Greece has slashed spending, reduced wages and raised taxes in an attempt to bring its debt under control.
The debt-ridden nation will miss key deficit targets for this year and next, according to the draft budget announced by the Greek cabinet late Sunday.
Overnight, the Dow Jones industrial average dropped 258.08 points, or 2.36 per cent, to 10,655.30. The S-and-P 500 fell 32.19 points, or 2.85 per cent, to 1,099.23. The Nasdaq Composite lost 79.57 points, or 3.29 per cent, to 2,335.83.
In Asia, the Nikkei stock average dropped to a 6-1/2 month low on Tuesday as a sell-off in commodities pushed trading houses lower and the financial sector was pressured by fears that Europe's debt crisis is spreading. The index was down 2% to 8,406. Shares in Hong Kong are lower today as the Hang Seng falls 0.44%. The broader Topix index declined 2.2 per cent to 730.71, while KOSPI slipped over 5 per cent to 1679.The stock markets in Tokyo and Shanghai are closed at this time.
Back home, markets ended in the red yesterday, after recovering marginally from the day's low on weak cues from global peers. The Sensex opened weak, following selling pressure in the Asian markets. The Sensex touched a high of 16,256 and a low of 16,056. The index finally ended at 16,151 - down 302 points. Nifty lost 94 points to end at 4,850.
Technical analysts peg the support for the Nifty at 4,800– 4,720 and expect it to face resistance at 4,950 – 5,037 levels.
Among individual stocks, Pantaloon Retail could be in focus today after the company announced plans to raise up to 1,500 crore by issuing equity-linked securities amounting to stake dilution of not more than 15 per cent.
Cement majors ACC and Ambuja Cement are likely to be in focus today after they announced production figures for September.
In the two-wheeler pack, Bajaj Auto could catch investors’ interest on reporting an 18 per cent jump in sales in September to 4,17,686 units.
After acquiring Australian coal maker Hancock for $.126 billion, Infrastructure firm GVK group will soon buy coal-fired power generation facilities in the Indian market, said group chairman GV Krishna Reddy. This stock, too, is to be watched out for.
Apart from these, eyes should also follow RIL, Television media stocks and Reliance Power.
