Stock Market

Nifty likely to open weak tracking weak Asian cues

Chillicious Team

Indian equity markets may fall in early trade Monday, tracking weakness in Asian shares, mainly Japan (down 3.6 percent), as a stronger yen weighed on sentiment.

At the time of writing, the SGX Nifty was trading 0.7 percent, or 54.5 points, lower to 7,838.

Shares in other Asian markets remained weak too, with the Hong Kong index falling over 1 percent. Oil prices too fell, as fresh fears of an oversupply led to weakening in sentiment. Gold inched towards the USD 1300 mark, appearing to break out of a long-standing range.

Locally, traders will eye earnings reports from a number of companies, including HDFC and L&T Finance, as well as goings-on in Parliament, where the Budget session is under way.

In stocks in news, a number of shares that reported earnings on Friday, post market close, and on the weekend will be in focus: Federal Bank, InterGlobe Aviation, Oberoi Realty among others.

Auto shares will also be in focus as companies report monthly sales data.