Market may open on negative note: Ventura Securities

Ventura Securities' Fundamental Report:

The Sensex closed at 19,902 on Thursday, climbing 385 points as software services exporters gained on bets for an improving business outlook in key markets, while banks surged on potential gains from falling bond yields. Sesa Goa, Sterlite Industries, Bajaj Auto and Hindalco Industries led the rally. Sector indices metal, bankex and capital goods ended on a positive note. Market breadth was positive with 1,472 advances against 943 declines.
 
The Nifty was up 130 points and closed at 5,909. Today, we expect markets to open on a negative note on the back of weak global cues.
 
US markets ended down with the Dow Jones and Nasdaq falling 0.9 percent and 1.1 percent, respectively, as data showed weaker-than-forecast growth in service industries and concerns that the political impasse could lead to a recession grew.
 
Trading on Asian stock markets is negative with the Nikkei and Hang Seng down by 0.7 percent and 0.6 percent, respectively. The SGX Nifty is also down 36 points at 5,934. Indian ADRs ended on a more optimistic note with ICICI Bank and HDFC Bank up 2.9 percent and 4.6 percent, respectively while Wipro and Infosys were up 0.2 percent and 0.5 percent, respectively. Tata Motors was up by 2.6 percent.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.