Stock Market

Nifty may open flat to lower as global mkts tumble

Chillicious Team

The Indian equity market may open flat to lower Wednesday, continuing the streak of weakness seen this week, on the the back of weak global cues.

US markets struggled in yesterday’s trading session and Nasdaq fell 0.79 percent. The European markets suffered the same fate and the DAX index closed almost one percent low on the back of weak earnings result.

SGX Nifty was up 0.50 percent at 7:30 am, whereas all other Asian markets were in red. Shanghai composite was down 3 points while the Hang Seng was trading 0.21 percent lower than its previous close.

Today, Hero Motocorp and Eicher Motors will report their fourth quarter earnings numbers.

Ricoh India will be in news today after the BSE issued a notice to the company, seeking an explanation for failing to adhere to the listing agreement and gave it 21 days to respond.

In the forex space, US dollar shunned its previous loss and gained against the Euro and Yen as the US data eased some growth worries. USD was trading at around 107 against the Yen.

Crude prices rallied and Brent Crude prices trade above USD 45 per barrel. Same was the case with gold as the precious metal cut its losses on the back of strong US data and it has steadied after touching 15 months high.