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Last Updated : Aug 12, 2015 09:22 AM IST | Source:

Nifty to open in red on weakness in global markets

US markets closed in the red and the Asian markets too are trading lower as the impact from China's surprise yuan devaluation lingered.

The Indian equity market is expected to open on a negative note today with the SGX Nifty trading at 8439.50, down 48 points.

US markets closed in the red and the Asian markets too are trading lower as the impact from China's surprise yuan devaluation lingered.European equities too tumbled to close sharply lower.

In other asset classes, crude oil fell over 4 percent china devalued its currency while a new projection showed non-opec producers were more resilient than expected to keeping output high amid low prices


Among currencies, the yuan is under pressure after Chinese central bank surprised markets by devaluing it. The dollar index was trading above the 97 mark.

Precious metal gold remained above USD 1100 an ounce.

Back home, amid all the chaos, the Finance Minister introduced the Constitutional Amendment to facilitate the Goods and Services Tax (GST) in the Rajya Sabha. However, hope is running thin as Congress has refused to play ball. Sources say the AIADMK is still not on board.

The government has also moved to fast-track the Coal India stake sale with sources saying the Finance Ministry will seek the cabinet's nod for the 10 percent stake sale which could fetch nearly Rs 25,000 crore. The company is also expected to report numbers today.

Drug major Sun Pharma too will be in focus today as its Q1 earnings are expected to be much better than expectations on the revenue & margin front. The pharma major's profit was impacted by a one-off outflow Rs 685 crore.

Ashok Leyland too is expected to post another strong quarter. The revenue is expected to jump 50 percent to Rs 3724 crore. The margins are expected to improve 410 bps year-on-year led by significant improvement in product mix.

The index of industrial production (IIP) numbers will be announced today. June IIP is expected to come in at 2.93 percent with base impact expected to impact IIP performance YoY. CPI for July is expected to come in lower at 4.48 percent.

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First Published on Aug 12, 2015 07:32 am
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