The Indian equity market is likely to see a gap down opening today with the SGX Nifty trading at 8195.50, down 65.50 points.
Global markets too are in the red with Asian markets heading lower in morning trade taking cues from a volatile trade on Wall Street.
European market closed with deep cuts as the Russian Central Bank hiked interest rates to halt a collapse in its currency.
In other asset classes, the slide in crude prices continued with Nymex crude slipping to USD 55 per barrel, the lowest since May 2009. Brent crude too shed earlier gains to trade around USD 60.
Gold fell more than 2 percent, after posting its biggest weekly gain in two months, as the dollar firmed before a Federal Reserve meeting that could provide clues on the timing of a possible interest rate rise by the US Central Bank.
Back home, in what comes as a major triumph for Finance Minister Arun Jaitley, sources have said the Centre and State Finance Ministers have reached a consensus on the goods and service tax (GST) constitutional amendment bill. Petroleum will be subsumed into GST and the bill will be tabled in this parliament session.
Furthermore, the Reserve Bank of India has given the infrastructure segment a boost by issuing new guidelines for the refinancing of loans to infrastructure and core sector projects that allows banks to flexibly structure and refinance long-term loans worth over Rs 500 crore.
Macro data, however, disappointed as the trade deficit for November came in at an 18-month high of USD 16.86 billion as gold imports jumped six-fold year-on-year and exports fell to USD 25.96 billion.
Meanwhile, oil marketing companies (OMCs) will be in focus today as it has cut petrol or diesel prices by Rs 2 per litre. The companies have slashed prices as global crude oil prices are continuing to remain weak.