Markets may open in the red tracking mixed cues from Asian peers

The India stock markets are likely to open on a cautious note following mixed cues from Asian markets and a weak session in the US on Friday. The SGX Nifty Index Future, which was trading at 10,603, suggests Nifty may open with a loss of 19 points. Going ahead, a lot will depend on the data pertaining to CPI and IIP as well as rupee movement. On the earnings front, among Nifty 50 stocks, Coal India and Eicher Motors will release their results today.  
  
Asian stocks were mixed on Monday following weak cues from the Wall Street on Friday. Hong Kong’s Hang Seng has gained 0.26 per cent and Japanese stock market Nikkei 225 has added 0.06 per cent, while China’s Shanghai Composite index has weakened 0.10 per cent.  
  
Back home, key benchmark indices ended the final trading session of the week almost unchanged as indices did not make any major moves and oscillated in a defined range. However, stock-specific action was seen. At the end, Nifty dipped 13 points to close at 10,585 and the BSE Sensex slipped 79 points to end at 35,159. The broader indices outperformed the frontline indices with Nifty Mid-cap and Small-cap registering gains of 1.18 and 1.01 per cent, respectively. Nifty Pharma and Nifty Media were among the top sectoral gainers, on the flip side, Nifty Metal and Nifty IT emerged as the top losers. 
  
The US stocks took a breather and ended the Friday session lower. In the economic news, the US labour department reported that the producer price index rose 0.6 per cent in October, after a 0.2 per cent increase in September. The producer price index rose more than expected in October, which added to the session’s weak tone given that it provided another reason for the Federal Reserve to continue raising interest rates. At the close, the Dow Jones Industrial Average fell 0.77 per cent, the S&P 500 slid 0.92 per cent and the tech-heavy Nasdaq tumbled 1.65 per cent.  
  
The European indices closed Friday’s session on a mixed note. Market participants continued to closely monitor political developments in Italy, where the government is locked in a clash with the European Commission on its budget plans. In the UK, there were host of announcements made during Friday’s session, namely, Q3 GDP growth accelerated as against Q2 figures in line with expectations, while UK's trade deficit narrowed more than expected and manufacturing/industrial production came in slightly above expectations. The DAX of Germany added 0.02 per cent, but the CAC of France declined 0.48 per cent and the UK’s FTSE 100 finished lower by 0.49 per cent.