Market will be weak today

Today the benchmark Indices are likely to open negative as Asian stocks plunged following a disappointing data from US that dragged the markets down in Thursday’s trade. Further, Japan’s Nikkei 225 Stock Average plunged 0.72% or 68.80 points to 9,514.71 on the back of weak US claims for jobless benefits that unexpectedly increased, fuelling concerns about the strength of a global economic recovery. Further, Shanghai Composite dropped by 0.23% to 2,873.03 and Hang Seng Index declined by 0.26% to 23,790.28 as investors chose to overlook China’s trade surplus with the US that jumped to $28 billion in August, touching a record for the first time since the beginning of financial crisis two years ago. Separately, Seoul Composite is marginally down by 0.04%, whereas, Straits Times is trading up by 0.54%. In the domestic arena, the markets are likely to follow the rout of global counter part and trade range-bound with downside movement. Oil & Gas, IT and Metal pivotals will be in focus today.