The BSE Sensex and NSE Nifty are likely to open in red on Monday tracking weak global cues.
Asian share markets got off to a lacklustre start on Monday following a dive on Wall Street, though losses were limited by a general lack of investor interest in a holiday-heavy week.
The US markets suffered sharp sell-off in last session mainly due to continuous decline in crude prices that weighed heavily on the energy stocks, also the global response to the Federal Reserve’s interest hike, weighed down the market. The Dow ended Friday down 2.1 per cent, while the S&P 500 lost 1.78 per cent and the Nasdaq 1.59 per cent.
Back home, the benchmark Sensex on Friday broke its 4-day winning spell by falling over 284 points after the government lowered its economic growth forecast for 2015-16 to 7-7.5 per cent. The gauge after opening lower stayed in the negative terrain during the session and finally ended 284.56 points, or 1.10 per cent, down at 25,519.22 following profit-booking in recent gainers.
The 50-share NSE Nifty cracked below the 7,800-mark by sliding 82.40 points, or 1.05 per cent at 7,761.95 after shuttling between 7,753.35 and 7,836.15.
As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 6.99 crore on 18th December 2015. Domestic institutional investors sold shares worth Rs 404.98 crore on that day.
Shares of Sun Pharma, Tata Motors and Manappuram Finance will remain in focus on Monday. Drug major Sun Pharmaceutical Industries on Friday said it has received a warning letter from the USFDA over violation of manufacturing norms in its facility at Halol in Gujarat.
Tata Motors has entered the top-50 league of the world’s biggest companies in terms of their R&D investments, topped by German automaker Volkswagen.
Manappuram Finance will purchase 100 per cent equity shares of Manappuram Insurance Brokers pursuant to approval received from Insurance Regulatory and Development Authority (IRDA). The regulator has given its approval to Manappuram Insurance Brokers for change in share holding pattern through its letter dated December 18,2015.
(With agency inputs)