Markets may open negative on pessimistic global cues

Indian markets are likely to make a pessimistic start as global cues are negative. The SGX Nifty is pointing that the Nifty may open down by 68 points at 10,537.50.    

Most of the Asian equity indices are trading in the red in early deals on Monday. Japan’s benchmark index Nikkei 225 has slipped 76 points, Hong Kong’s Hang Seng has dropped 231 points, while China’s Shanghai Composite has gained 6 points.   

Back home, markets ended on a flat note on Friday after witnessing a session marked by volatility. Lack of direction saw the markets oscillating between positive and negative grounds before settling down at Thursday’s level. The Sensex closed at 34,416, down by 12 points and Nifty ended the day at 10,564, down by 1 point. The broader indices ended mixed, with Nifty Mid-cap dipping 0.34%, while Nifty Small-cap adding 0.07%. Sector-wise, Nifty IT gained more than 4.50%. 

The Friday’s session turned out to be a dismal one for the US stocks as all three major averages closed in the red, but off their worst levels of the day. The Dow Jones Industrial Average fell 202 points to close at 24,463, the Nasdaq plunged 92 points to finish at 7,146 and the S&P 500 slumped 23 points to end at 2,670. The 10-year Treasury note yield hit more than four-year high, which triggered the sell-off on Friday. The stock of Apple slumped about 4%, which also weighed on the markets.   

The European markets remained stuck in a sideways movement pattern on the last trading session of the week and ended the day with mixed results. The DAX of Germany dropped 0.21%, the CAC 40 of France gained 0.39% and the FTSE 100 of UK rose 0.54%.