RTTNews - The Indian market is likely to open lower on Monday amid mixed global cues. Stocks finished on a mixed note amid thin volumes on Wall Street on Friday with participants not reacting any positively to some economic data. While the Nasdaq closed down 0.2%, the Dow Jones Industrial Average closed up 0.3% and the S&P 500 index edged up 0.1%.
Currently, markets across the Asia-Pacific region are trading mostly lower, as investors fretted over whether the global economic indicators have improved enough to justify a further rally. The weekend meeting of Group of Eight finance ministers contained few surprises and revealed differences or a lack of consensus on how quickly rich nations should exit from unconventional policies.
Back home, the Indian market may show signs of further consolidation at current levels. While strengthening signals of an early economic recovery and net buying by foreign funds may keep underlying sentiment positive, the fact that the market has risen too sharp since March may lead to further profit taking. In all likelihood, trading could be range bound and stock-specific. Traders look forward to the release of corporate advance tax numbers due later in the day.
On Friday, crude oil finished lower despite recovering most of an early slump. Oil came under early pressure as OPEC lowered its demand forecast and moved off of a multi-month high. After falling to as low as $70.80 in early trading, light sweet crude oil finished at $72.04, down 64 cents on the session. In Asian trading on Monday, crude oil is trading at $71.47 a barrel, down 0.79%.
Last week, while the BSE Sensex closed higher for the 14th week in succession with a modest 1% gain, the S&P CNX Nifty ended down a marginal 0.07%, the BSE small-cap index slumped 6.87%,and the mid-cap index ended down 3.23%. However, metal stocks closed with handsome gains following a surge in global commodity prices and IT stocks on account of rupee depreciation. The appetite of cash-flush foreign institutional investors (FIIs) for Indian shares showed no signs of waning and they bought Indian equities worth Rs.5,595.40 crore on a net basis until 11 June.
Metal stocks may come under selling pressure after commodity prices fell in London on Friday night.
Software solutions and services provider Zylog Systems India on Sunday announced the launch of its wireless internet service Wi5 in Chennai.
The government granted a year's extension to Satyam Computer Services for the completion of three special economic zones (SEZs) in Andhra Pradesh.
State-owned gas transportation utility company GAIL India reported an 8% growth in its FY09 net profit.
Essar Oil will reportedly hike petrol and diesel prices by Rs. 1-3 litre effective June 16.
State Bank of India cut its deposit rates by 25 basis points across the board.
According to reports, Indian Hotels, which runs the Taj Group of hotels, is set to acquire Mumbai-based Sea Rock Hotel for Rs 680 crore .
LIC Housing Finance is planning to issue one crore shares through a qualified institutional share placement.
Wind turbine maker Suzlon is reportedly exploring options to sell a large portion of its stake in Belgian company Hansen Transmissions to strategic investors.
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