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Global cues weak; Nifty likely to remain subdued

The News International Team

The Indian equity market is likely to open trade on a weak note. The SGX Nifty, an indicator of the market opening, was trading at 7856, down 30 points, at 7:45.

In the US, stocks fell sharply, extending losses into a second session, as investors fretted slowing economic growth in Europe and the potential impact on coming third-quarter earnings from US corporations.

And in Europe, shares closed lower with sentiment curbed by weak economic data from Germany and a downturn on wall street.

In the currency space, dollar bulls were forced to temper their enthusiasm post weak German data and IMF cutting its global growth forecast. Dollar index eased to 85.664 off its 4-year highs.

From precious metals space, gold held above USD 1200 mark as its safe-haven appeal increased after the international monetary fund cut its global economic growth forecasts.

In commodities, crude oil prices declined as Brent crude traded around 92.7 levels.

Back home, the 30-share BSE Sensex lost 296.02 points or 1.11 percent to 26271.97 and the 50-share NSE Nifty closed below the 7900 level, down 93.15 points or 1.17 percent to 7852.40 due to fall in capital goods, metals, healthcare, and banking and financials stocks. ( More details )

Meanwhile, India received a thumb’s up from IMF as the fund hikes its GDP forecast for this fiscal to 5.6 percent on hopes of investments and exports picking up. Nevertheless, not all is rosy as IMF cut its global growth forecast to 3.3 percent.

The Delhi Mumbai Industrial Corridor Corporation gets cracking on the government’s

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