Gap down opening expected tracking global cues; Infosys Q3 eyed

Asian shares slumped today, taking their cue from steep losses on Wall Street

Markets are likely to make a gap down opening today tracking weakness in Asia and sharp sell off in US stocks in overnight trades.

The early indicator, SGX Nifty has slumped 93 points at 7,481.

Asian shares skidded today, taking their cue from steep losses on Wall Street as an overnight rout in oil prices heightened worries about the global economy.

US crude prices were up 0.8% at $30.72 a barrel, but still not far from Tuesday's nadir of $29.93, which was its lowest level since December 2003. Global benchmark Brent settled down 1.8% on Wednesday at $30.31 a barrel, after falling as low as $29.96. That marked its first move below $30 a barrel since April 2004.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.7% in early trade. Japan's Nikkei shed 3.3%, as downbeat domestic data added to the gloom.

Chinese stocks and the yuan slipped on Thursday, despite the efforts of the authorities, as the gloom enveloping global markets overwhelmed signs that China's economy is not weakening as fast as some investors had feared.

Back home, Global rating agency Moody's reiterated its view that India will remain one of the fastest growing large economies in 2016, but inflation and corporate profit trends are likely to determine the growth trend.

CORPORATE NEWS

Infosys will be in focus ahead of the third quarter results today. A global leader in consulting, technology, outsourcing and next-generation services, will announce the results for its third quarter ended December 31, 2015 (Q3) on Thursday, January 14, 2016 around 8:45 a.m., Infosys said in a regulatory filing.

French telecom major Orange has signed a deal with Bharti Airtel International (Netherlands) BV for acquiring its operations in two African countries, Burkina Faso and Sierra Leone.

Unitech has said it is delivering 300 units a month and expects to increase this number substantially going forward.

A new private equity fund of Indian mortgage lender Housing Development Finance Corp will target raising $500 million from offshore investors for domestic property projects, including in warehousing and logistics, a senior company executive said.

the US has notified an additional fee up to $4,000 for certain categories of the popular H-1B and L-1 visas. The US Citizenship and Immigration Service (USCIS) said applicants for certain categories of H-1B visas post December 18, 2015 must submit an additional fee of $4,000. Shares of IT companies will be hit by the news.

Cairn India, with Nasscom Foundation, has launched a Cairn Nasscom Knowledge Center (CNKC) at Gollavilli village in East Godavari district of Andhra Pradesh on Wednesday.

Wind energy major Suzlon group forayed in the solar power sector by grabbing 210 Mw project in Telangana.

Aditya Birla Nuvo will be dropped from BSE indices from January 20 following demerger of its fashion retail business into Pantaloons Fashion & Retail.


With Reuters input