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Markets are likely to open lower on weak global cues. Fund managers said unwinding of carry trades funded by the dollar across emerging markets in the wake of worries about roll back of the stimulus by US Fed may continue to weigh down stocks, rupee and bonds in the near-term.
US share indices ended lower on Monday on concerns of the Fed’s decision to gradually reduce monetary stimulus and weakness in China . The Dow Jones fell 0.9 per cent, S&P 500 slipped 1.2 per cent each while Nasdaq ended 1.1 per cent lower.
Asian shares were trading lower on tracking weak overnight cues from the US and on worries that the tight monetary conditions in China may slowdown economic growth sharply. Japan’s Nikkei was down 0.3 per cent while Straits Times was up 0.2 per cent and Kospi Composite slipped 0.2 per cent.
At 8:20 hrs Indian Standard Time the SGX Nifty was up 18 points at 5,616.
According to technical experts, on the downside, the Nifty is likely to dip below the 5,500-level soon. The index may seek support around the lower end of the Bollinger Band on the weekly charts around 5,470-odd levels or slightly lower around 5,410 - which is the (50-WMA). Today, the Nifty may seek support around 5,560-5,545, while face resistance around 5,620-5,635.
Naresh Goyal-promoted Jet Airways, which is awaiting regulatory approvals to offload 24 per cent stake to the Gulf carrier Etihad Airways, is likely to submit a revised deal to the Foreign Investment Promotion Board shortly, sources said.
Eros International Media in a press release said its film "Raanjhanaa” has grossed Rs 31.5 crore worldwide in its opening weekend.
