Markets track global cues; drift lower

Commentary

oi-Sneha

By Sneha B K

Published: Monday, July 9, 2012, 9:35 [IST]

Indian indices drifted lower following Asian peers. The Sensex was trading at 17,466 points, lower by 54 points. The Nifty was seen trading lower by 20 points at 5,295 points at 9.30 am IST.

Asian markets were seen trading lower after weak US jobs data, signalling slowing global economic growth. The Japan's Nikkei 225 slipped 0.54%, China's Shanghai Composite was down by 1.12%, while the Hang Seng index was lower by 1.51%. Moreover, China's consumer inflation fell further 2.2% in June, from May's 3.0%.

Markets will be driven by the earnings season which will kick off on Thursday and may remain lacklustre until then. Infosys Technologies and TCS both announce their results on Thursday, which are likely to be rather tepid.

Among the shares that gained ground in morning trade were DLF, TCS, BPCL and ITC.

Stocks that failed to lure investors in early trade were Relaicne Infrastructure, Jindal Steel, Sterlite Industries and IDFC.

Europe also closed lower as sluggish US jobs data dampened sentiments, fueling worries of a global economic recovery.

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