Indian indices to open in red on Cyprus deal - AXIS Direct

After opening on a soft note the markets edged higher in the morning session and moved lower; the markets kept on moving lower throughout the session and attempted to move higher yet ended the day on a negative note. Majority of the sectoral indices ended in the red with Realty & Bankex losing the most while Consumer Durables & IT witnessed some buying. In the Sensex stocks M&M (1.48%), Tata Power (1.19%) & Hero Motocorp (0.73%) were the gainers while ICICI Bank (3.93%), Tata Motors (3.27%) and Wipro (2.60%) were among the losers. The Sensex lost 143 points or 0.73% to close at 19,428 and the Nifty lost 36 points or .62% to close at 5,873.

Total traded turnover stood at Rs 191,675 cr. In equities FIIs were net buyers of (Rs 1019 cr) while DIIs were net sellers of (Rs 584 cr). On the derivatives side, FIIs were net buyers in Index Futures (Rs 298 cr) Index Options (Rs 1427 cr) while they turned set sellers in Stock Futures (Rs 536 cr) Stock Options (Rs 42 cr).

The US markets ended marginally lower led by declined in JP Morgan after reports from Fed indicated the company tried to circumvent the rules while dealing with derivative losses. The Dow Jones lost 25 points or 0.17% to close at 14,514 while the NASDAQ lost 10 points or 0.30% to close at 3,249.

The Asian markets are trading lower. Nikkei is trading lower by 2.07% while Hang Seng is trading lower by 2.02%.

Asian markets are trading lower tacking weak US markets close on Friday and due to uncertainties from the Euro zone about the unusual bailout proposal for Cyprus. Indian indices are also expected to open in the red and global developments will be monitored closely for further direction.

Source : Equity Bulls

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