Technology

Indian markets are likely to open negative tracking global indices and SGX Nifty.

US Stocks continue to see considerable weakness after an early move to the downside. The major averages have slid firmly into negative territory following the mixed performance seen in the previous session. The Dow Jones is down by 1.5% to close at 25787 and the Nasdaq Composite edged down to 1.1% to 7302.

U.K. shares were modestly lower as earnings proved to be a mixed bag and the U.S. government bond selloff entered a second session on optimism over global growth and rising expectations of inflation. The FTSE 100 was down by 0.3% to close at 7474.

On domestic front Indian shares succumbed to heavy selling pressure as rising oil prices fiscal deficit woes and the Budget proposal to levy longterm capital gains tax on equities. The Sensex ended on a downside front of 2.3% at 35067 while the Nifty ended at 10761 with a downside of 2.3%.

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