Market Likely To Open Flat To Negative

Indian stock markets erased their initial gains in the last 30 minutes of trade and closed in red on Wednesday despite positive global cues. The Sensex dropped over 37 points to 26,552.92—its seventh fall in last eight sessions due to profit booking in heavyweights. The Nifty declined 20.50 points to 8040.20. The mid-cap index, however, continued its upward journey and ended 0.19 % higher while small-cap shed 0.33 %.

U.S. stocks closed lower Wednesday, weighed by a decline in energy stocks on a drop in oil prices and increased confidence in the possibility of a December rate hike. The Dow Jones industrial average fell 50.57 points, or 0.28%, to 17,867.58, the S&P 500 lost 7.48 points, or 0.35%, to 2,102.31 and the Nasdaq Composite dropped 2.65 points, or 0.05%, to 5,142.48.

Crude oil turned lower and extended losses after weekly crude inventories rose for a sixth straight week. US Crude settled down USD 1.58, or 3.3%, at USD 46.32 a barrel. Brent crude was down 3.9% at USD 48.58 a barrel.

Stock markets in Europe rallied on Wednesday after European Central Bank President Mario Draghi reiterated the bank is ready to provide more stimulus in December if needed to boost inflation. The Stoxx Europe 600 index rose 0.5% to close at 380.28, marking a third straight day of gains. Germany’s DAX 30 index underperformed in Europe on Wednesday, dropping 1% to 10,845.24. The U.K.’s FTSE 100 index climbed 0.5% to 6,412.88 while France’s CAC 40 index rose 0.3% to 4,948.29.

Most Asian stocks mixed after comments from Federal Reserve Chair Janet Yellen boosted the dollar against the yen, spurring equity gains in Tokyo. Japan's Nikkei 225 index extended gains 1%, compared to Wednesday's 1.3% jump. Share markets in China opened a touch firmer, with the key Shanghai Composite index edging up 1.8%. South Korea’s Kospi index lost 0.4%. Australia’s S&P/ASX 200 Index sank 1%. New Zealand’s S&P NZX 50 Index slid 0.1%.

A SGX CNX Nifty Index future for November delivery was marginally declined 8 points at 8,058. Indian market is likely to open flat to negative on tracking SGX Nifty and firm global markets. Companies like KEI, Allcargo log, Jubilant Food, JBF Ind, Alembic Ltd, Aban, Amrutanjan, Cummins Ind, Sona steer, Gujarat gas, Nitin Spin, Tata Steel, Tata Global and Sunil Hitech may announce their earnings on Thursday.