Markets may open on a weak note

Indian equity market snapped up a four-session losing streak on Friday to close higher amid signs of stability in global markets. However on a weekly basis, lodging its worst weekly performance since November 2011 due to concerns over Chinese economy; and geopolitical tensions between Saudi Arabia and Iran. The Sensex gained 0.33% or 82.5 points to end at 24,934.33, but declined by 4.68% over the week. Whereas Nifty gained 33 points or 0.44% to close at 7,601.35, and for the week, it tanked 4.6% lower. In broader markets, mid-cap and small-cap indices ended 2.25% and 2.41% lower on a weekly basis.

U.S. stocks gave up earlier gains on Friday and finished deep in the red, posting their worst week in four years, upset by concerns over a slowdown in China's economy and plunging oil prices. The Dow Jones industrial average lost 167 points, or 1% quoting 16,346. The S&P 500 index fell 21 points, or 1.1%, to 1,922. The Nasdaq gave up 45 points, or 1% quoting 4,643. On a Weekly basis, it has closed lower by 6.2%, 6% and 7.3% respectively.

WTI crude price fell 11 cents, or 0.3%, to settle at USD 33.16 a barrel, whereas for the week it ended 10.5% lower portraying the largest weekly loss since the week ended Dec. 11. Brent crude lost 20 cents, or 0.6%, to USD 33.55 a barrel, quoting a weekly loss of about 10%.

European stocks also rose during the earlier part of the day on Friday, but finished in red. The Stoxx Europe 600 index dropped 1.5% to close at 341.35, suffering a 6.7% slide in the week. The FTSE 100 index declined 0.7%; while Germany's DAX lost 1.3%. The CAC-40 in France slid 1.6%. On a Weekly basis, it has closed lower by 5.3%, 8.3% and 6.5% respectively.

Asian markets opened in red with the Shanghai composite losing 1.15%. In Japan, the market will be closed for a public holiday. Australia’s S&P/ASX 200 Index fell 1.9%; and New Zealand’s S&P/NZX 50 Index lost 0.9%. South Korea’s Kospi index slipped 0.8%. Hong Kong’s Hang Seng Index sank 2.2%.

While on domestic front, A SGX Nifty 50 index future for January Series traded down 44 points at 7,560. Indian markets may open on a weak note following other Asian markets.