Markets may open negative all ready to gain direction from Subramanian’s pre-budget survey

Indian benchmark indices started the eventful week on a tepid note and traded in a narrow range throughout the trading session. However, benchmark indices ended the session with marginal losses on Monday, snapping four consecutive sessions of gains, as caution set in ahead of the budget. Almost 70 per cent of the Nifty constituents were in red today and Telecoms saved the day from facing some deeper correction. Stocks of Idea Cellular surged over 25 per cent owing to market buzz of a merger between Idea and Vodafone. At the end of the day, the NSE’s 50-share broadly followed index - Nifty, settled with minor losses of eight points below the psychological 8,650 level; while Bombay Stock Exchange’s Sensitive Index - Sensex shed thirty two points and closed below the psychological 27,850 mark.

European markets drifted lower on Monday, as concerns about the impact of Donald Trump’s travel ban rattled markets and stoked demand for safe-haven assets. The DAX of Germany fell 1.12 per cent; the CAX 40 of France tumbled 1.14 per cent; and the FTSE 100 of the U.K. corrected 0.92 per cent.

The U.S. stocks dropped to close lower on Monday with the Dow lodging its worst daily loss since mid-October as investors grappled with the latest policy decisions by President, Donald Trump. The Dow Jones Industrial Average finished lower 122.65 points, the S&P 500 shed 13.79 points and the Nasdaq Composite Index gave up 47 points.  

Most of the Asian stock markets remain shut; however, Japan’s Nikkei 225 is trading with a deep cut of over 1 per cent at 19,123.

At 7:57 am, SGX Nifty index has dropped 22 points to 8,632, indicating a negative start for Indian equities. Chief Economic Advisor, Arvind Subramanian’s Economic Survey, which will be presented in Parliament today, will be keenly watched out for a pre-budget trigger.