Market Likely To Extend Losses On Weak Global Cues

3/2/2008 11:09:37 PM Global cues are pointing towards a weak opening for the Indian market on Monday. The U.S. stocks slumped on Friday on the back of weak economic reports and disappointing corporate earnings announcements. The major markets across the Asia-Pacific region, except for China, are trading sharply lower on Monday on worries about an economic slowdown in the U.S.Crude oil for delivery in April closed at US$101.84 a barrel, down US$0.75, on the New York Mercantile Exchange. In Asian deals Monday, oil was trading at US$101.79 at 9:09 a.m. IST.Indian shares closed lower Friday, following a hike in short-term capital gains tax. The 30-share BSE Sensex lost 245.76 points or 1.38% to finish at 17,578.72 and the broader-based S&P CNX Nifty closed down 61.60 points or 1.17% at 5,223.50. Nifty March futures were at 5,140.10, a discount of 83.401 points compared to spot closing.The turnover in the Bombay Stock Exchange was Rs. 6,721.65 crore and that in the National Stock Exchange totaled Rs. 15,816.64 crore. According to provisional data revealed by the NSE, Foreign Institutional Investors were net sellers for Rs. 334.87 crore on the NSE and the BSE in the capital market segment and for Rs. 523.24 crore on the futures & options segment on Friday.The Indian rupee lost 14 paise on Friday on expectation of lower capital inflow after the Finance Minister announced a hike in short-term capital gains tax. The local unit ended at 40.01-40.02 a dollar. On Monday, the rupee opened at 40.14 a dollar.In the U.S., the Dow closed down 315.79 points or 2.51% at 12,266.39, the Nasdaq lost 60.09 points or 2.58% to end at 2,271.48 and the broader S&P 500 index slipped 37.05 points or 2.71% to finish at 1,330.63.Indian ADRs finished lower on Friday. ICICI Bank lost 3.79%, Wipro fell 3.35%, Infosys plunged 4.89%, HDFC Bank dropped 3.68%, Tata Motors gave away 1.13%, Tata Communications shed 3.13% and Satyam plummeted 6.34%. MTNL edged up 0.16%.
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