Markets to open on a negative note as sustained decline in oil prices eroded investor confidence which led to asell-off in global markets, says a report by Ventura Securities.
Sensex,on Monday, lost 31 points and closed at 27,320, in a choppy trade on account ofweak revenue forecast by TCS which weighed heavily on IT stocks. However, gains in financial stocks capped the downside. Among sectors, Realty, Consumer Durables, IT and Teck ended on a negative note. Among stocks, TCS, SSLT, Axis Bank, Cipla and Tata Motors declined the most. Market breadth was negative with 1,144 advances against 1,756 declines.
Nifty closed flat at 8,220. Today we expect the markets to open on a negative note as sustained decline in oil prices eroded investor confidence which led to asell-off in global markets.
US markets ended the day on negative note. Dow Jones and Nasdaq were both down by 0.58 percent and 1.04 percent, respectively as uncertainty prevailed following the continued decline in crude oil prices. US markets, today, will see data releases on Building Permits and Housing Starts.
Asian markets are trading on a negative note with Nikkei and Hang Seng both down by1.9 percent and 0.86 percent, respectively following the sell-off in global markets. SGX Nifty is trading down by 52 points at 8,209. Indian ADRs ended the day on a negative note. Among
financial ADRs, ICICI Bank and HDFC Bank were both down by 2.16 percent and 1.33 percent, respectively. Among IT ADRs, Wipro gained 0.89 percent and Infosys closed 1.25 percent down. Tata Motors was down by 3 percent.
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