Market likely to open negative

Indian equities are likely to open negative on Friday, Oct. 15, 2010. SGX Nifty is trading at 6,193 (8.00 am), flat from previous close of 6,193.

Asian stocks fell, sending the regional equity benchmark index lower from yesterday`s two-year high, after US initial jobless claims unexpectedly increased, sparking concern about the strength of the world`s biggest economy. Japanese benchmark index Nikkei 225 fell 69.31 points, or 0.72%, to trade at 9,514.20.



US stocks dropped on Thursday, dragged lower by financial shares as investors` concerns ramped higher regarding banks` foreclosure practices. The Dow fell 1.51 points, or 0.01%, to 11,094.57.

European stocks declined from a one- month high as an unexpected increase in US jobless-benefit claims and concern that banks may have to raise more capital overshadowed better-than-estimated company earnings. UK`s benchmark index FTSE 100 fell 20.14 points, or 0.35%, to end at 5,727.21.

Oil prices rose above USD 82 a barrel on Wednesday in Asia as a weaker US dollar made crude cheaper for investors holding foreign currencies. Benchmark oil for November delivery was up 82 cents to USD 82.49 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost 54 cents to settle at USD 81.67 on Tuesday.

In the spot market, the Dollar Index gained 0.263% to 76.743. It touched a high of 76.84 and a low of 76.65 after opening at 76.76. (22.10 ET)