Markets to open flat, with negative bias, tracking global equity markets

Indian markets came under intense selling pressure in the last hour of trade from higher levels touched in the day as it dropped by more than quarter of a per cent in trade on Thursday, October 06. Bank index led to the fall as well as midcaps too came in for heavy selling pressure, thereby snapping their winning streak. Nifty closed near the levels of 8700; whereas BSE Sensex closed near 28100 on October 06.

European stock markets fell on Thursday, October 06 on concerns that the ECB may reduce the pace of bond buying; and owing to stock specific news. All the key European Indices were down anywhere in the range of 0.16 to 0.47 per cent, with German DAX being the worst performer.

US stock markets closed mostly flat as an all-important jobs data looms over the market. All the benchmark indices closed flat with a negative bias before the data declaration.

Asian stock markets opened lower on Friday as British pound saw a sharp drop in early trade and investors awaited economic data from US markets over the weekend. Japanese Nikkei and Hong Kong’s Hang Seng were leading the losers list.

SGX Nifty is trading with losses of 0.05 per cent to the levels of 8736. We expect markets to open flat with a negative bias tracking other equity markets world over.