Pre-mkt: Markets likely to open weak tracking global cues

Markets are expected to open on a negative note tracking weak Asian shares.

Global risk appetite was frail on rising concerns over pace of global growth recovery.

At 7:10AM IST, SGX Nifty traded down 26 points at 5674.00.

Asian shares traded lower on renewed concerns about global growth, which also weighed on commodities.

The MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3%.

Among the key Asian indices, China’s Shanghai Composite Index fell 0.02% to 2,193.78, Hong Kong’s Hang Seng declined 0.6 % to 21,440.33, Singapore’s Straits Times was flat at 3,291.69 while Japan’s Nikkei was down 1% to 13,233.66 in the opening deals.

Overnight, US stocks dropped after disappointing corporate earnings of Bank of America coupled with weak revenue forecast for Apple Inc. Apple Inc shares tumbled on worries about weakening demand for the iPhone and iPad.

The Dow Jones industrial average was down 138.19 points, or 0.94 percent, at 14,618.59. The Standard & Poor’s 500 Index was down 22.56 points, or 1.43 percent, at 1,552.01. The Nasdaq Composite Index was down 59.96 points, or 1.84 percent, at 3,204.67.

Domestically, in the earnings calendar, we have Crisil, Essar Ports, IndusInd Bank and MRF which are slated to announce their fourth quarter performances today.

Following stocks are expected to move on the exchanges today:

The much awaited stake sale deal of Jet Airways and Abu Dhabi-based Etihad Airways could be finalised in a month, according to aviation ministry sources.The deal would inject much-needed funds into Jet and help Etihad expand its reach into the vast Indian aviation market.

Bharat Petroleum Corp Ltd may move after the fair trade regulator CCI has dismissed complaints of BPCL abusing its market dominance in transportation of LPG cylinders from bottling plants to distributors across the country.

Beleaguered Deccan Chronicle Holdings Ltd (DCHL) is in the process of demerging its printing and publication, retail and sporting activities into a separate entity called “Land Interactive Media” registered in Delhi.

Country’s second largest two-wheeler maker Honda Motorcycle & Scooter India today said it is looking for a suitable location to set up its fourth manufacturing facility to ramp up production.