Market Likely To Open Lower On Weak Global Cues - Asian Commentary
2 minutes ago
(RTTNews) - Global cues are pointing towards a lower opening for the Indian market on Wednesday. Some degree of profit booking can also be expected following recent record gains. The U.S. stocks plunged Tuesday amid housing woes and discouraging news from AT&T. The major Asian markets are trading weak on Wednesday. Crude prices have gained on speculation that U.S. inventories have declined for an eighth week.
The Indian market posted modest gains Tuesday, amid volatility, but mid-cap and small-cap indexed plunged on profit taking following recent rally. The 30-share BSE Sensex rose 60.68 points or 0.29% to settle at a new closing high of 20,873.33 after hitting an all-time high of 21,077.53 in early trade. The broader-based S&P CNX Nifty added 8.75 points or 0.14% to finish at 6,279.10, a new closing record. The index hit an all-time high of 6,357.10 in early trade.
The turnover in the Bombay Stock Exchange was Rs. 11,869.84 crore and that in the National Stock Exchange totaled Rs. 25,435.15 crore. According to provisional data revealed by the NSE, Foreign Institutional Investors were net buyers for Rs. 570.65 crore on the NSE and the BSE in the capital market segment, but turned net sellers for Rs. 147.92 crore on the futures & options segment on Tuesday.
The U.S. dollar eased further against the rupee to Rs. 39.27-39.28 a dollar at the close of the Interbank Foreign Exchange market in Mumbai on Tuesday. The local currency opened at 39.29 a dollar on Wednesday.
Crude February contract rose by $1.24 to settle at $96.33 a barrel on Tuesday. In Asian deals Wednesday, crude was trading at $96.66, up 33 cents, at 8:58 a.m. IST.
The U.S. stocks plummeted on Tuesday, with the Dow losing 238.42 points or 1.86% to 12,589.07, the Nasdaq falling 58.95 points or 2.36% to 2,440.51 and the S&P 500 slipping 25.99 points or 1.84% to 1,390.19.
The Indian ADRs closed mixed in the regular trading session on Tuesday. Among technology stocks, Infosys lost 2.37%, but Satyam advanced 1.27%, and Wipro rose 2.11%. Tata Motors plunged 5.51%. In the banking space, HDFC Bank dropped 1.61% and ICICI Bank tumbled 2.92%. Telecom stock VSNL gave away 1.16% and MTNL fell 2.54%. |
