Negative opening likely following weak global cues

Indian stocks look set to open lower on Tuesday mirroring weak cues from the Wall Street overnight and sell-off seen in the Asian markets. The SGX Nifty Index Future, which was down by 50 points, indicates Nifty may open around the level of 10,450. The CPI and IIP numbers were announced yesterday after market hours. The  CPI inflation for the month of October came in sharply lower at 3.31 per cent, while the IIP growth for September was marginally lower at 4.5 per cent. On the earnings front, among Nifty 50 stocks, Tata Steel and Sun Pharma will release their results today.  
  
The sell-off that struck the Wall Street overnight ripped through Asian stock markets on Tuesday. The Japanese stock market Nikkei 225 has plummeted over 3.3 per cent,  Hong Kong’s Hang Seng has lost 1.86 per cent and China’s Shanghai Composite index has shed 0.29 per cent.  
  
Back home, key indices made a firm start to the week but failed to capitalize on the positive start. As the day progressed, the indices turned volatile and traded in the red and, at the end of the session, the Nifty and Sensex each fell almost 1 per cent. In line with frontline indices, the Nifty Mid-cap and Small-cap ended lower by 0.94 and 1.12 per cent, respectively. Among sectoral indices, Nifty IT ended with miniscule gain of 0.67 per cent, while Nifty Auto and Nifty Media were top losers.   
  
The US stocks closed firmly in the negative terrain on Monday as traders seemed to worry about issues such as possible slowdown in the technology sector, ongoing international trade dispute with China and inflationary pressure. Among stocks, iPhone maker Apple tumbled about 5 per cent to its lowest closing level in over three months. At the close, the Dow Jones Industrial Average plunged 2.3 per cent, the S&P 500 dropped 2 per cent, and the tech-heavy Nasdaq plummeted 2.8 per cent.  
  
The European stocks closed lower on the first session of the new trading week as the tech sector weighed on the markets and the UK Prime Minister Theresa May was reportedly forced to drop plans for an emergency Brexit cabinet meet due to resistance in her own government. The DAX of Germany lost 1.77 per cent, the CAC of France finished lower by 0.93 per cent and the UK’s FTSE 100 declined 0.74 per cent.