Market Likely To Open In Negative

Indian equities indices fell for a third consecutive session on Friday as well as snapped a two-week winning streak after  IT exporters declined on concerns over fourth-quarter earnings after bellwether TCS' results failed to cheer investors while profit taking in pharma shares also added to the losses. During the last week, the Sensex dropped 437 points or 1.5% to end at 28,442 and the Nifty closed 174 points or 2% lower at 8,606. Selling pressure was also seen in the broader markets with the BSE Mid-cap down 2.9% and the Small-cap losing 1.9% during the last week.

U.S. stocks markets closed sharply lower on Friday as well as snapped a two-week winning streak, driven by a new round of jitters over Greek finances and new stock-market regulation from China put investors on edge. The S&P 500 index closed 23.83 points, or 1.1%, lower at 2,081.16 and recorded a 1% loss over the week. The Dow Jones Industrial Average dropped 279.67 points, or 1.5%, to 17,826.10 and ended the week 1.3% lower. The Nasdaq Composite ended the session down 75.98 points, or 1.5%, to 4,931.81, losing 1.3% over the week.

Brend crude oil prices rose sharply last week gaining even prices fell on Friday and increased by around 10% on speculation that the drop in US rigs will crimp production however the analysts who find it hard to justify the rally. WTI crude also retreated from its 2015 high, but registered a fifth straight weekly gain, which at 7.9% was the biggest since it jumped 13.5% in the week to Feb. 25 2011. Brent's second straight weekly gain, the fourth in five weeks, was its biggest since a 9.9% rally in the week to Oct. 16, 2009.

European stocks market dropped sharply Friday as concern over the impact of Greek debt and changes in Chinese trading rules. The Stoxx Europe 600 SXXP fell 1.8% to 403.69 on Friday and ended the week down 2.2%, the biggest such fall since December. Germany’s DAX 30 DAX, -2.58% logged its worst week since November 2011, with 5.5% decline. France’s CAC 40 fell 1.6% to 5,143.26 on Friday, closing the week down 1.9%. Greece’s Athex Composite turned lower on Friday, falling 3% to 729.81 and finished down nearly 6% for the week.

Asian shares dipped in early trading on Monday after a weak performance on Wall Street offsets China stimulus which was lower the reserve requirement ratio for all banks by 100 basis points on Sunday. Japan's Nikkei 225 index rebounded from an 8-day intra-day low and trading at flat while South Korea's Kospi is down 0.12%. China's Shanghai Composite index is reversing lower open and currently trading up by 0.7%. Australia's S&P/ASX 200 Index lost 0.9% and New Zealand's NZX 50 Index is down 0.6%.

SGX Nifty is trading at flat. Indian market is likely to open week. Hindustan Zinc, Persistent System, Tata Sponge and Ortel Communication would be reporting fourth quarter earnings today.