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Opening bell: Negative Nifty likely on weak global cues

Global markets are unlikely to lend any support to Dalal Street as the US market ended lower ahead of the Fed statement.

The Indian equity market is likely to open on a slightly negative note with the SGX Nifty, an indicator of the market opening, trading at 8236.50, down 8.50 points at 7:20.

The market ended Tuesday with minor losses. The Sensex slipped 108.52 points or 0.4 percent at 27253.44 and the Nifty was down 27.65 points or 0.3 percent at 8232.90.

Global markets are unlikely to lend some support to Dalal Street as the US market ended lower ahead of the Fed statement today.

Asian markets have opened up mixed this morning on the back of a weak overnight handover. Nikkei though has bounced back on hopes of further stimulus from Bank of Japan as they await the outcome due later this week.

In other asset classes, the  dollar held firm against a basket of currencies as traders await the Fed’s decision on whether to raise interest rates by year-end amid evidence that the US economy has slowed in recent weeks.

And weakness in crude continues with the Nymex Crude trading at a 2-month lows on the persistent global supply glut ahead of US data expected to show another increase in crude inventories.

And precious metal gold remained flat at around USD 1160 an ounce.

Back home, in important earnings today Ambuja Cements will report numbers today. According to a CNBC-TV18 poll, the cement major may post a weak quarter with sales volumes expected to grow by 4-5 percent. Realisations, however, will remain weak.

Furthermore, the government has moved to bury the ghost of retrospective tax by setting up a 10-member panel headed by Justice Easwar to review income tax laws.

Meanwhile, India has moved up 12 places in Ease of Doing Business rankings released by World Bank.

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