Market Likely To Open In Red Following Other Asian Market

After opening with a strong gap-up, the Indian equity market failed to sustain its ground and fell for the fourth straight session on Monday as cigarette maker ITC slumped over 6% to log its biggest fall in nine months, while oil producers slipped after OPEC left output targets unchanged. The Sensex fell 108 points or 0.42% to 25530.11 and the Nifty declined 16.50 points or 0.21% to 7765.40. The BSE Mid-Cap index shed 0.1% and the BSE Small-Cap index rose 0.16%.

Investors also kept an eye on Goods and Services Tax (GST), which edged closer to approval on Friday after a government-appointed panel backed the lower rate and simpler structure that the opposition Congress party had demanded.

U.S. stocks closed lower Monday, as oil prices tumbled to a seven-year low, sparking a sell-off in energy stocks that helped wiped out a chunk of Friday's big rally. The Dow Jones industrial average fell 117 points, or 0.7%, to 17,731. The S&P 500 index dropped 15 points, or 0.7%, to 2077 and the Nasdaq composite index fell 40 points, or 0.8%, to 5102.

Crude oil prices tumbled to their lowest in nearly seven years yesterday after the Organisation of the Petroleum Exporting Countries’ (Opec) failed to address a growing supply glut. A stronger dollar made it more expensive to hold crude positions. The U.S. Benchmark U.S. crude was dropped USD 2.32, or 5.8%, to USD 37.65 a barrel -- the first close below USD 38 since early 2009. Brent futures fell $1.80 to $41.20, their lowest since March 2009. Brent futures fell USD 1.80 to USD 41.20, their lowest since March 2009.

European stock markets moved firmly higher on Monday, boosted by optimism over the strength of the U.S. economy and dovish comments from European Central Bank President Mario Draghi. The Stoxx Europe 600 rose 0.5% to close at 372.48. Germany’s DAX 30 index rallied 1.3% to 10,886.09, France’s CAC 40 index rose 0.9% to 4,756.41, while the U.K.’s FTSE 100 index lost 0.2% to 6,223.52.

Asian equities markets teetered near their weakest levels in three weeks on Tuesday, as a rout in oil prices to near seven-year lows knocked global energy company shares and commodity currencies. Japan's Nikkei 225 index slide 1.03% even after revised data showed gross domestic product rose an annualized 1% in the third quarter, beating estimates for a 0.2% gain. The previous reading showed a 0.8% decline, which had indicated the nation slipped back into recession. Australia’s S&P/ASX 200 Index dropped 0.52%. New Zealand’s S&P/NZX 50 Index retreated 0.25%, while South Korea’s Kospi index fell 0.41%. The Shanghai Composite was down 54 points or 1.5% at 3,484.

A SGX Nifty 50 Index future for December delivery was down 49.5 points at 7,760. Indian market is likely to open in red following other Asian market.