Weak global cues to weigh on markets

Markets are likely to open lower tracking Asian peers and sell-off in US stocks on Tuesday

Markets are likely to extend losses on Wednesday tracking weakness in their Asian peers and nearly 2% in US stocks in overnight trades on Tuesday.

At 8:30am, the early indicator SGX Nifty was down 74 points at 7,393.

GLOBAL MARKETS

Asian stocks were trading lower on Wednesday after global crude oil prices resumed their downward trend. The Japanese benchmark Nikkei was down 3.2% while China's Shanghai Composite slipped 1.1% while Hang Seng eased 3% and Straits Times fell 1.6%.

US stocks ended nearly 2% lower on Tuesday as disappointing earnings from global oil majors Exxon and British Petroleum after global crude oil prices. British Petrolem

registered 91% slump in fourth-quarter earnings. The Dow Jones industrial average ended down 1.8% at 16,153, S&P 500 closed 1.9% lower while the Nasdaq ended 2.2% lower at 4,517.

STOCKS IN FOCUS

DLF may see some action after it posted 24% rise in its consolidated net profit at Rs 164 crore for the December 2015 quarter against Rs 132 crore in the year-ago period on the back of higher sales and one-time gain from stake sale deal with Singapore’s GIC.

United Breweries may gain after the company reported net profit of Rs 72 crore in the December 2015 quarter compared to Rs 39.9 crore in the same quarter last fiscal.

Crompton Greaves may weaken today after it posted a consolidated net loss of Rs 107 crore for the quarter ended December 31, 2015 compared to a net profit of Rs 274.29 crore for the corresponding quarter in the previous year.

Tata Communications may be under pressure after the company reported net profit of Rs. 21.89 crore for the quarter ended December 31, 2015 as compared to Rs. 108.5 crore  for the quarter ended December 31, 2014.

RPG Lifesciences may gain after net profit for December 2015 quarter was higher at Rs 4.7 crore compared with Rs 2.5 crore for the same quarter last fiscal.