Cues to watch out for before markets open on Jan 3

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 Cues to watch out for before markets open on Jan 3
Markets are likely to open sharply lower by at least one per cent, as the SGX Nifty is currently suggesting a drop of 65 points. Across Asia markets are trading lower, following weak overseas closings in the US.

In fact, according to reports it was the first negative start for the US markets since 2008. The Dow Jones Industrial Average ended lower by 135.31 or 0.82 per cent. The S&P 500 was down 16.38 points at 1831.98 points.

Across Asia markets look weak. The Hang Sang is currently trading lower by 1.73 per cent, while the Shanghai Composite is down 1.21 per cent.

In stocks specific news Steel Authority of India shares maybe in the limelight after the company's production for December showed an uptick of six per cent.

Tata Teleservices may also be in the limelight on reports that Vodafone is in early talks with the Tata Group to buy its controlling stake in Tata Teleservices.

Banking stocks may continue to see a downtrend after a smart rally in the last few weeks of December 2013. PSU bank shares may come under some severe selling pressure. However, it would be interesting to watch the movement in UCO Bank, Vijaya Bank and India

Bank after the government approved conversion of Perpetual Non-Cumulative Preference Shares (PNCPS) of three public sector banks into equity.

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