Sensex bracing for a negative start on global cues

The Indian markets are likely to open gap down tracking global cues. The SGX CNX Nifty, indicative of early trade, was down 54.50 points or 1.03 per cent at 5,214 at 8.13 am.



The BSE Sensex closed at 17,534 down 240 points or 1.35 per cent while the NSE Nifty fell 77 points or 1.45 per cent to 5,256 on Tuesday.



The Nifty is likely to breach the 5254 mark which is a major support. Nifty\'s next support is the 5192 mark which is the 20 day moving average.



The Asian markets were deep in the red today morning. The Nikkei 225 in Japan fell 2.13 per cent to 9,366. The Kospi in South Korea was down 1.04 per cent. The Shanghai Composite declined 1.37 per cent while the Hang Seng fell 1.11 per cent.



Among the stocks to watch today, commodity stocks are likely to remain muted after crude prices fell nearly 3 per cent on Tuesday.



Kotak Mahindra Bank has announced that the Sumitomo Bank of Japan will acquire 4.5% in the bank. The deal size is at around Rs. 1,366 cr.



Overnight, the Dow fell below 10,000 points on concerns about global economic recovery. The Dow skid 268 points or 2.7 per cent to 9,870. Investors pulled back from the market on concerns of China\'s growth after the Chinese markets had slumped to a 14- month low on Tuesday dropping more than 4 per cent earlier in the day. Stocks also took a beating after the latest consumer confidence numbers suggested a sharp decline in June.



European stocks fell 3-4 per cent on Tuesday




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