Indian equities are likely to witness a gap down opening today after a hefty sell off yesterday following weak global cues and SGX Nifty which was trading lower at 7,264.50, down by 63.5 points or 0.87% at 11:00 am Singapore time, a sign that Dalal Street may witness a bearish opening today.
On the Asian market front, while markets in China and Hong Kong remained closed for Lunar New Year holidays, Japan’s Nikkei 225 extended yesterday’s slide, falling over 2% as fears over market volatility pushed up the yen, raising concerns over Japan’s economic recovery.
Traders also turned cautious ahead of Fed Chair Janet Yellen’s testimony to the Congress on Wednesday in which she may offer some cues over when the Fed is likely to raise interest rates next.
Further, a plunge in crude oil prices which fell below USD 28 a barrel mark after the IEA forecast the global oil surplus would be larger than previously expected in the first half of 2016 was weighing on the sentiments.
Back home, investors focus will be on ACC and Ambuja Cements ahead of the quarterly earnings today.
Further, shares of Apollo tyres would remian in focus in today’s trade as the company reported 51.35% increase in consolidated net profit at Rs 278.5 crore for the third quarter ended December 31, 2015. Further, the net sales during the quarter stood at Rs 2,929.45 crore as against Rs 3,037.29 crore in the corresponding period of the previous fiscal.