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Indian stocks are likely to extend losses and open lower tracking weak global cues.
US stocks extended losses and slumped over 2 per cent on Thursday on the likelihood of Fed pruning its monetary stimulus measures on an improving economy, after data on Thursday showed that existing home sales in May topped 5 million mark for the first time in 42 months. The Dow Jones, S&P 500 and Nasdaq ended over 2.3 per cent lower.
Asian shares extended losses on Friday tracking the overnight mayhem on Wall Street. The Nikkei was down over 2 per cent while Straits Times was down 1.4 per cent and Kospi Composite dropped 1.8 per cent.
At 800 hrs Indian Standard Time the SGX Nifty was down 32 points at 5,608.
According to technical experts, on the downside, the index may test 5,600, and may slide wall the way to 5,500 in the next few trading sessions. Today, the Nifty may seek support around 5,615-5,590, while face resistance around 5,700-5,725.
Siemens has laid off over 200 employees across various units in the country amidst uncertain business environment and sharp drop in profit.
Adani Power said it has commissioned the third unit of 660 megawatt (Mw) of its super critical power plant in Tiroda, Maharashtra.
LIC Housing Finance’s board has approved a proposal to apply for banking licence from the Reserve Bank of India.
Cipla Ltd said approvals with regards to acquisition of 100 per cent of Cipla Medpro South Africa Limited from the South African and Botswana competition authorities have been received.
