Cues to watch ahead of market opening

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Cues to watch ahead of market opening
The SGX Nifty suggests that the markets may open slightly lower in trade today. At 8.20 am, the SGX Nifty was slightly lower by 8 points.

US and European markets were closed on Jan 1, 2014 on account of new year holiday. Asian markets have mostly begun the year lower. The Hong Kong's Hang Sang is down 0.35 per cent, after initially opening the day higher. The Shanghai Composite is also trading lower by 0.50 per cent, while the Seoul Composite is currently seeing a cut of more then 1 per cent.

China's official Purchasing Managers' Index (PMI) was down to 51.0 in December, from 51.4 the previous month. This was way below forecasts.

The Nifty may fall below the 6300 levels in trade today and dealers say the index may find support at around the 6270 levels.

In stock specific action, Lakshmi Vilas Bank which rallied substantially on Wednesday may continue to see some action ahead of its rights issue announcement.

Ashok Buildcon may also see some more buying interest after getting a big ticket order.

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