The Indian market is likely to open on a flat-to-positive note on tepid cues from the global markets. Wall Street settled lower overnight on speculations that earnings reports and the monthly jobs data, due later today, might not match expectations. The Asian markets were mixed this morning on economic worries in the US. The SGX Nifty was up 20 points to 6,164 compared to 6,144 on Thursday.
The market opened in the green on Thursday, despite the global markets hovering in no man’s land. It witnessed a subdued morning session ahead of the release of the weekly inflation data, trying its best to push its head above the neutral line. However, strong selling pressure from institutional investors pushed the indices lower, with the market closing over 1% lower.
The Sensex tanked 227.76 points (1.11%) to close at 20,315. The Nifty tumbled 66.15 points (1.07%), settling at 6,120.
The US market closed lower on Thursday on concerns that the corporate earnings might not match analysts’ expectations and the monthly jobs data, due later today, might disappoint. Meanwhile, initial jobless claims fell by 11,000 to 445,000 in the week ended 2nd October, the fewest since 10th July. On the corporate front, Alcoa Inc., the biggest US aluminium producer, reported third-quarter profit excluding certain items of 9 cents a share. The stock slipped 1.4% before the results were released.
The Dow fell 19.07 points (0.17%) to 10,948. The S&P 500 dipped 1.91 points (0.16%) to 1,158.On the other hand, the Nasdaq added 3.01 points (0.13%) to 2,383.
Markets in Asia were mixed on concerns about the pace of the economic recovery in the US, ahead of the release of monthly jobs data, due later tonight. The Chinese market, which opened after a week’s holiday, was trading in the green.
The Shanghai Composite was up 2.24%, Hang Seng was up 0.19% and Straits Times was up 0.02%. On the other hand, the KLSE was down 0.02%, Nikkei 225 was down 0.39%, Seoul Composite was down 0.54% and Taiwan Weighed was down 0.44%. The SGX Nifty was up 20 points to 6,164 compared to 6,144 on Thursday.
The Reserve Bank of India (RBI) Thursday set up an expert group to study granting of licences to new Urban Co-operative Banks (UCBs), a move that comes a few months after the central bank invited comments on entry of new banks.
The committee under the chairmanship of financial sector expert Y H Malegam would review the regulatory policy on setting up of new UCBs and lay down entry point norms for new UCBs.
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