Markets may open in the red following negative cues from Asian peers

Indian indices seem to be running out of luck for now as domestic markets are likely to witness yet another negative opening following depressing cues from Asian peers. At the time of writing SGX Nifty was trading down by 26 points at 11,376 level. Among the results to watch are Apollo Tyres, Asian Paints, Granules, HCL Technologies, MGL, OFSS, VBL and Voltas.

Asian markets are in the negative territory on Thursday following sharp pullback in the last leg of trading on the Wall Street. Also, market participants are cautious ahead of the meeting between two world’s largest economies US and China. The Japanese stock index Nikkei 225 has lost 1.23 per cent, China’s Shanghai Composite has shed 0.64 and Hong Kong’s Hang Seng has sunk 1.41 per cent.

Back home, sell-off continued on Dalal Street as key benchmark indices ended Wednesday’s session with a cut of over a per cent. The BSE Sensex and Nifty slipped below their crucial psychological levels of 37,800 and 11,400.  After a negative start, benchmark indices traded with a negative bias throughout the day and, in the last hour of trading, saw brutal sell-off with indices ending the day near the day’s low. The broader market indices Nifty Midcap ended with losses of 0.98 per cent, whereas Nifty Smallcap fell in line with the benchmark. All the sectoral indices ended in the red, with Nifty Media plummeting the most by 4.53 per cent.  

The US stocks witnessed a roller-coaster ride on Wednesday as the stocks moved modestly higher at midday and throughout much of the afternoon, but sold off at the close. As a result, the indices ended the session on a mixed note. The Dow Industrial Average eked out modest gains, while the S&P 500 and the tech-heavy Nasdaq dipped 0.16 per cent and 0.26 per cent, respectively. All eyes will be on the round of trade talks between the US and China which are likely to begin soon.

A majority of the European markets scaled higher on Wednesday amid upbeat economic data. Germany’s industrial production rose for a second straight month in March and at the fastest pace in three months. Germany’s benchmark DAX rose 0.72 per cent, France’s CAC 40 index added 0.40 per cent, and the UK’s FTSE edged up 0.15 per cent.