Market seen opening lower on negative global cues

Key benchmark indices are likely to open lower mirroring weak global cues. IT bellwether reported better than expected earnings for Q3 December 2008.

Infosys Technologies consolidated net profit rose 14.6% at Rs 1,641 crore in Q3 December 2008 over Q2 September 2008. The company's consolidated net sales rose 6.8% to Rs 5,786 crore versus Rs 5,418 crore.

Asian markets were trading mixed today, 13 January 2009. China's Shanghai Composite slipped 1.09% or 20.69 points at 1,879.64, Japan's Nikkei plunged 4.30% or 380.32 points at 8,456.48. However, Hong Kong's Hang Seng was up 0.38% or 52.87 points at 14,023.87, Singapore's Straits Times rose 1.39% or 24.62 points at 1,800.87, South Korea's Seoul Composite gained 0.47% or 5.44 points at 1,162.19, and Taiwan's Taiwan Weighted advanced 0.19% or 8.39 points at 4,462.29.

US markets ended lower on Monday, 12 January 2009 as investors worried about the outlook for embattled bank Citigroup and expectations mounted for dismal fourth-quarter earnings. The Dow Jones industrial average plunged 125.21 points, or 1.46%, to 8,473.97. The S&P 500 index declined 20.09 points, or 2.26%, to 870.26, and the Nasdaq composite index slipped 32.80 points, or 2.09%, to 1,538.79.

Back home, key benchmark indices, remained in negative zone throughout the day on Monday, 12 January 2009 extending losses for the third straight day on sustained selling in index pivotals. The BSE 30-share Sensex lost 296.42 points or 3.15% to 9,110.05 and the S&P CNX Nifty lost 99.90 points or 3.48% at 2,773.10.

Foreign institutional investors (FIIs) were net sellers worth Rs 563.57 crore while mutual funds sold shares worth Rs 217.83 crore on Monday, 12 January 2009, according to provisional data on NSE.