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Friday’s Market Preview: Flat opening likely

The market is likely to see a flat opening today. Wall Street ended in the red for the third day in a row on a rise in jobless claims and Cisco forecasting lower-than-expected sales. Asian markets are trading mixed this morning. The SGX Nifty is down 1.5 points at 5,416.50 over its previous close of 5,418.

The market started the day on a weak note on Thursday with the Sensex and Nifty breaching the crucial levels of 18,000 and 5,400, respectively. Due to the lower-than-expected industrial output numbers and the rise in the weekly food inflation data, the market continued to remain range-bound in the negative zone. However, positive opening of the European markets brought in some strength and the benchmarks rose above the neutral line. But the indices went in and out of the red a couple of times before finally settling flat. The Sensex managed to pull itself above the 18,000 mark to close at 18,074, up 3 points (0.02%). The Nifty closed at 5,416, down 4 points (0.08%).

Wall Street closed lower for the third day in a row on a rise in jobless claims. The number of US workers filing new claims for unemployment benefits unexpectedly rose to nearly a six-month high, stoking ongoing fears about the weak labour market. Cisco Systems forecast sales below consensus, prompting several analysts to downgrade the stock. Besides, last month, 325,229 US properties got a notice of default, auction or bank repossession, RealtyTrac said in a report. While that’s an increase of 4% from June, the number was down almost 10% from a year earlier.

The Dow fell 58 points (0.5%) to 10,319. The S&P 500 fell 5 points (0.5%) to 1,083. The Nasdaq fell 18 points (0.8%) to 2,190.

Markets in Asia were trading mixed this morning on positive earning reports brushed aside rising US jobless claims. Shanghai Composite is down 0.1%, Hang Seng is down 0.2% and Nikkei 225 is down 0.3%. On the other hand, Jakarta Composite is up 0.2%, KLSE Composite is up 0.4%, Straits Times up 0.5%, Seoul Composite is up 0.5% and Taiwan Composite is up 0.1%. The SGX Nifty is down 1.5 points at 5,416.50 over its previous close of 5,418.

Back home, industrial production for June slowed to 7.1% from 8.3% a year ago. Food inflation for the week ended 31st July shot up to double-digits at 11.40% from 9.53% for the week ended 24th July.

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