Markets to open lower, Infosys Q2 earnings in focus

Markets are likely to open lower, amid weak global cues, while Infosys second quarter earnings will dictate the trend

Markets are likely to open lower amid a sell-off in overnight trades on Wall Street while Infosys second quarter earnings will dictate the trend.

The early indicator SGX Nifty was down 60 points at 7,925.

Meanwhile, the government will release Index of Industrial Production data for August. August IIP is expected to grow 2.4% compared with 0.5% in July.

Asian stocks tracked overnight losses on wall Street as weak August export data from Germany raised concerns that the global economic growth is still struggling. Crude oil prices also fell to two-year lows as demand for the commodity is likely to remain sluggish amid global economic growth concerns. Shares in Japan were trading lower with the benchmark Nikkei down 1% while shares in Hong Kong were trading 1.4% lower. Straits Times was down 0.9% and Shanghai Composite was down 0.8%.

US stocks slumped on Thursday and the S&P 500 recorded its highest percentage fall in six months amid global growth concerns. Discouraging exports and industrial production from Germany, Europe's largest economy, also dampened sentiment. The Dow Jones slumped 335 points or 1.97% to end at 16,659.25, the S&P 500 dropped 41 points or 2.07% to close at 1,928.21 and the tech-laden Nasdaq ended 90 points or 2.02% at 4,378.34.

Stocks in Focus

Infosys will be focus post its second quarter earnings. Consolidated revenues is likely to be at $2,197 million, up 3% from $2,133 million in the previous quarter, according to a ET Now poll.

Tour operator Cox & Kings plans to raise Rs 1,200 crore this financial year to trim debt. The company board on Thursday approved plans to raise funds through the issuance of equity shares, convertible bonds or qualified institutional placement route.

Reliance Industries Chairman Mukesh Ambani on Thursday said his group will complete Rs 20,000 crore investment programme in Madhya Pradesh by March 2016.Ambani also indicated that his group will invest similar amounts across sectors like energy and retail, after the present round of investments are completed.

Hindalco may witness profit taking at higher levels after sharp gains yesterday on the back of encouraging earnings from global aluminium major Alcoa.

To improve its asset profile, the Industrial Finance Corporation of India (IFCI) has sold three stressed loans, including that to DB Hospitality (Rs 180 crore outstanding), to asset reconstruction companies (ARCs).