Market cues: Nifty likely to open weak

Stocks finished little changed with the S&P 500 around its peak, as data showed that the economy grew more than previously forecast in the third quarter, offsetting an unexpected drop in consumer confidence in November. Energy sector weighed on the markets and Apple's market capitalization reached USD 700 billion, a major milestone for CEO Tim Cook as the consumer technology company's value has doubled during his three years at the helm.Nifty which tracks the SGX Nifty is likely to open weak because the SGX Nifty was down 29 points around 8441 level around 8 am.Meanwhile, there were mixed reports on the economic data front in the US. The consumer confidence declined to 88.7 in November from 94.1 the prior month. The gross domestic product in the US climbed at a 3.9 percent annualized rate, up from an initial 3.5 percent estimate. In Europe, shares closed flat to higher as investors digested revised third quarter GDP data from the US which showed the economy grew more than previously thought. German shares outperformed. This came after Germany confirmed its economy grew 0.1 percent in the third quarter.

Asian markets seem to be seeing little bit of profit booking in the morning,  the Nikkei has come off from the gains seen in yesterday’s trading session. The yen has strengthened a bit, which could be weighing a bit on the market. In the currency space, the Australian dollar hovered at a four-year low, having been singled out by sellers in an otherwise aimless currency market ahead of the US thanksgiving holiday.In commodities, crude prices slip with Brent below 79 dollars after industry data showed that US Crude inventories rose by nearly 3 million barrels last week, about six times more than analysts had expected. Oil market watchers are divided on the outcome of OPEC's Thursday meeting. Predictions range from a large production cut to revive prices, to a small reduction, or none at all.From precious metals space - gold hovers around USD 1,200 an ounce as the market looked to a swigs referendum on central bank gold reserves for more trading cues.Back home, Indian equities fell a day after markets raced to a fresh high, with the Sensex falling 161 points, the biggest single-day fall in nearly six weeks. At close, the Sensex was down 161 points, or 0.57 percent, to 28,338 while the Nifty ended at 8,463, down 67 points, or 0.79 percent.