Nifty stares at another weak open, following oil slump

Moneycontrol BureauIndian shares may open lower Tuesday, following weakness in Wall Street overnight, after oil prices fell to a seven-year low, sparking worries of the health of the global economy.In Singapore this morning, SGX Nifty futures fell 54.5 points, or 0.7 percent, to 7,755, signalling a weak open for the Indian market, which has closed in the negative for four straight days now.Asian shares too are trading weak, despite Japan posting positive quarterly GDP data (1 percent) that were ahead of estimates.However, traders say markets may not trade in any firm direction, as many would go light into a Federal Reserve meeting scheduled early meeting. The Fed is widely expected to hike interest rates in the world's largest economy for the first time in nine years.Oil fell to about USD 38 on Nymex futures, as OPEC failed to take action to cut supply. While low oil prices are generally considered to be good for consumption, and thereby equities, experts believe that very low oil prices may not be good for the health of the global economy.In other asset classes, the US dollar rose while gold retreated off three-week highs.In stocks in news, Tata Motors may witness action after JLR posted a strong set of November sales numbers and after Morgan Stanley said it had made the stock its top pick in autos.Investors will also keep an eye on Dr Lal Pathlabs and Alkeb Labs, both of which will hit with market with an initial public offer today.