Indian markets are likely to open negative tracking the SGX Nifty and global cues.
US stocks lost ground on Thursday as stocks reacted to the strong possibility of a hike in interest rates over the near term. The Labor Department released a report showing that initial jobless claims fell to their lowest level in over forty years to 223000 against expectations of an increase up to 245000. The NYSE Arca Steel Index plunged by 4.1 percent giving up its gains from yesterday. Weakness in gold stocks also led to the NYSE Arca Gold Bugs Index closing down by 4.4 percent.
UK stocks had a flat session on mixed earnings results. Building materials supplier Travis Perkins fell over 6 percent after it reported a 67 percent drop in pretax profit because of restructuring costs. Military and civil systems provider Cobham gained 13 percent on news that it would raise 500 mln pounds via a rights issue.
Indian indices opened positive but reversed all gains to close firmly in negative territory. All
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