Market Likely To Open In Red

Indian stock markets finished lower for the fifth straight session and their worst weekly performance in two months, amid weak second quarter earnings by blue chip firms, while the US Fed’s direct reference of an interest rate hike in December further pressurized the sentiments. For the week, the Nifty lost 229.65 points or 2.77% to 8,065.80 while Sensex plunged by 813.98 points or 2.96% to 26,656.83, their worst performance since the week ended Sept. 4. Selling pressure was also seen in broader markets, with the BSE Mid-cap down 1.5% and the small-cap losing 1.8% during the week.

Stocks finished lower Friday, but still recorded their biggest monthly gains in four years, helped by a recovery in oil prices and hopes of easy monetary policy. The S&P 500 closed 10.05 points, or 0.5%, lower at 2,079.36 but was up 0.2% over the week. The Dow Jones Industrial Average fell 92 points, or 0.5%, to 17,663.54 but rose 0.1% over the week. The Nasdaq Composite ended the day down 20.53 points, or 0.4%, at 5,053.75, but was up 0.4% on the week. Over the month above the indices gained 8.3%, 8.5% and 9.4% respectively.

Oil prices rose on Friday, finishing higher for the week and month as well, after another decline in the U.S. oil rig count indicated domestic crude production could fall in coming months. Brent crude settled up 76 cents, or 1.6%, at USD 49.56 a barrel. It rose 3% on the week and 2% for October. U.S. crude futures rose by 53 cents, or 1.1%, to USD 46.56, gaining 3% on the week and 4% on the month.

European stocks closed mixed on Friday, pressured by weak corporate earnings, but finished the month with gains of around 8%. The Stoxx Europe 600 edged down less than 0.1% to close at 375.47, leaving the benchmark with a 0.5% decline for the week. The U.K.’s FTSE 100 dropped 0.5% to finish at 6,361.09. But Germany’s DAX 30 closed up 0.5% at 10,850.14, and France’s CAC 40 ended higher by 0.2% at 4,897.66. 

Asian stocks slid on early Monday, as industrial companies led losses following data signaling a contraction in Chinese manufacturing for an eighth straight month in October, but at a slower pace. Japan's Nikkei 225 index pulled back from Friday's two-month high and skids 1.9%, falling below the 19,000 mark in early trade. South Korea’s Kospi index added 0.2%. Australia’s S&P/ASX 200 Index lost 1.27% and New Zealand’s NZX 50 Index was little changed. Share markets in China opened down on Monday, with the key Shanghai Composite index easing 0.4%.

A SGX CNX Nifty Index future for November delivery was marginally down 15.50 points at 8,061. Indian market is likely to open in negative due to weak global cues.