Cues: Weak global data may slow pace of market today

The Indian market yesterday closed on a weak note. The market right now looks in a consolidation phase with lower grinds seen in most of the trading session. The US and the European markets, witnessed lacklusture trading session and were mostly seen trading in red. Global factors may not lend any support to the Indian market. The market looks in a bearish mood to close the week.

On global front, the Wall Street witnessed a flat and lackluster trading session, as disappointing GDP data from the Euro zone overshadowed optimism over an upbeat jobless claims report and a flurry of M&A announcements.

The European markets were in the red across the board following a report that showed the euro zone fell deeper into recession with GDP contracting 0.6 percent in the final quarter of 2012. The drop was the biggest since the first quarter of 2009. For the year, GDP fell by 0.5 percent.

Asian shares eased on Friday with investors turning cautious as weak euro zone growth data presaged the G20 meeting in this session and on Saturday in Moscow.

The MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent.

Australian shares dipped 0.1 percent as the market consolidated gains after touching a 4-1/2 year high on Thursday, compounded by the weak euro zone data and a USD 3 billion annual loss from global iron ore miner Rio Tinto Ltd .

South Korean shares opened up 0.1 percent after closing on Thursday at a fresh three-week high in thin trade, helped by a halt in the yen's slide.

Crude prices climb above the 118 dollar mark again on the back of supply concerns.

Gold prices slipped to 6-week lows on the back of economic concerns in Europe.

shadab.khan@network18online.com