Pre-market: Gap down opening seen


31/05/2012 06:35 AST  Business Standard

Weak global cues, F&O expiry for the May series and the GDP for Q4 due today will keep the markets under pressure in trade today.

US stocks tumbled on Wednesday as surging bond yields in Spain and Italy ratcheted up tensions in financial markets about Europe's ability to solve its growing debt crisis. The Dow Jones industrial average lost 1.3 per cent, while the S&P 500 Index dropped 1.4 per cent.

Asian shares, the euro and oil prices fell on Thursday. Japan's Nikkei average slid 2 per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan looked set to revisit its 2012 low with a decline of 0.8 per cent.

Back home, the index may look to re-test the 5,020-odd level again. However, given the derivative expiry higher volatility may not be ruled out, analysts suggest. At 710 am Indian Standard Time, the SGX Nifty was trading at 4,892 – down 0.8 per cent.

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