Market cues for Jan 27: Expect a sharp slide

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Market cues for Jan 27: Expect a sharp slide
Markets are expected to open sharply lower on the back of weak closings in US markets on Friday as fear gripped emerging market currencies. The SGX Nifty suggests a deep cut of almost 105 points.

Asian markets have dropped sharply between 1.5 and 2.5 per cent on worries over emerging market currencies, which virtually collapsed on Friday. The South African Rand, Argentina's Peso, Ukranian Hryvnia and the Turkish Lira all sank on Friday.

The Friday effect has spread into the new week with the Hang Sang down 2 per cent, the Jakarta Composite down 2.7 per cent and the Taiwan Weighted down 1.5 per cent. All of the other Asian markers were trading lower.

In individual stocks to watch out for, one needs to keep an eye on Idea Cellular, which is slated to declare results later today. Also, watch out for banking stocks, ahead of the Monetary Policy on Tuesday.

India's largest FMCG company, Hindustan Unilever is also slated to declare its results today. Analysts are likely to closely watch margins and volume growth at the company.

Opto Circuits is likely to be active in trade on reports that Goldman Sachs is likely to acquire a 26 per cent stake in the company.

Glenmark Pharma will react to its numbers which were better than expected. Jet Airways may also see some action after reports suggested that the company is likely to slash airfare prices. Overall, expect a negative trend ahead of market opening.

Story first published: Monday, January 27, 2014, 8:33 [IST]
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