The BSE Sensex and NSE Nifty are likely to open in red on Monday tracking SGX Nifty and weak global markets. (Photo: Reuters)
The BSE Sensex and NSE Nifty are likely to open in red on Monday tracking SGX Nifty and weak global markets.
At 8.15 am (IST), SGX Nifty was down 50.50 points, or 0.67 per cent at 7,570.
Asian stocks fell on Monday and China’s yuan hit fresh 4-1/2 year lows as plunging oil prices added to investors’ nervousness about riskier assets ahead of an expected US rate rise by the Federal Reserve later in the week. Hang Seng, Nikkei and Shanghai were down 1.61 per cent, 2.42 per cent and 0.29 per cent, respectively.
On Friday, the Dow sank 1.8 per cent and the S&P 500 lost 1.9 per cent as plunging crude prices added to fears of a possible spike in volatility if the Federal Reserve raises interest rates on Wednesday for the first time in nearly a decade, as widely expected.
Back home, Sensex closed 207.89 points down at 25,044.43 on Friday, while NSE Nifty50 index settled 72.85 points down at 7,610.45. Foreign investors have pulled out nearly Rs 5,500 crore from stock markets since the beginning of December.
Stocks of Maruti Suzuki, Mahindra and Mahindra and TCS will remain in focus on Monday. Prime Minister Narendra Modi on Saturday said that for the “first time” India will export to Japan cars which will be made domestically by Maruti Suzuki as part of the ‘Make in India’ initiative.
Mahindra & Mahindra is close to signing a deal to buy Italian car designer Pininfarina , two sources with direct knowledge of the matter said on Friday, the latest purchase of an iconic Italian brand by an Asian company. The terms of the deal have been agreed by both parties after months of talks and an announcement could come as soon as next week, the sources said.
Floods in Chennai are expected to have a “material impact” on TCS’ current quarter revenues, the country’s largest software services firm said on Friday. The October-December quarter is usually a weak quarter for the Indian IT players.
(With agency inputs)
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