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Nifty may open in red on slower core sector growth

The Budget reiterated a gross domestic product (GDP) growth target of 8 percent plus but the economy continues to struggle.

March 03, 2015 / 08:58 IST
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The Indian market is expected to open in red as the SGX Nifty, an indicator of pre-market opening, was down 11 points to 8992 in the early morning trade today.

The Budget reiterated a gross domestic product (GDP) growth target of 8 percent plus but the economy continues to struggle. Core sector growth slows in January; coal, electricity, cement and steel industries sputter. HSBC manufacturing PMI drops to its lowest level in five months and February auto sales paint a mixed picture.

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The bulls remain in high spirits in Monday with the Sensex gaining nearly 100 points and the Nifty nearing the 9,000 mark. India formally joins the ranks of inflation targeting countries. President signs landmark monetary policy agreement with the Reserve Bank of India (RBI) ordering central bank to keep inflation below 6 percent next year and around 4 percent for all subsequent years.

Among global markets, in the US, stocks closed higher yesterday, with the Nasdaq above the psychologically key level of 5,000 for the first time since March 2000 and the Dow and S&P 500 at records as investors cheered US economic data and an interest rate cut in China.