Weak global cues may drag markets at start

Indian markets may open on a negative note led by negative global cues. SGX Nifty is trading 28.50 points lower. Events for the day: Ex date for rights issue of Uttam Sugar Mills. Ex date for interim dividend of Gravita India. Headlines for the day: ONGC hired RIL drilling rig without bidding: CAG. Power tariff will have to reflect fuel prices: Anil Ambani. Governance deficit delays Nalco's Rs4,000 cr expansion. Indian Indices: The Indian markets may open in the red zone tracking unsupportive global cues. SGX Nifty is trading 28.50 points lower. On Tuesday (September 04, 2012), the Sensex closed at 17440, up by 56 points while the Nifty settled at 5274, slipping by 20 points. Global Indices: Asian stock markets eased on Wednesday (September 5, 2012), with the investors waiting for a European Central Bank (ECB) meeting on Thursday and US payrolls on Friday for signs of more action to counter European debt woes and support growth. European shares slipped on Tuesday (September 04, 2012) as investors turned cautious in the run-up to the ECB meeting this week, with the Swiss market lagging after figures showed an unexpected contraction in the country's economy. US Stocks fell on Tuesday, led by weakness in shares most sensitive to the health of the economy after a report showed the country's manufacturing sector shrank at its sharpest clip in more than three years last month. Daily trend of FII/MF investment in equities: The FIIs have been the net sellers Indian stocks to the tune of Rs47.10 crore on September 03, 2012. The domestic investors sold Indian shares worth a net of Rs150.40 crore on September 03, 2012. The data is as per the SEBI website. Commodity Cues: Oil prices slipped on Tuesday as concerns about slowing economic growth and curbed demand for petroleum countered hopes for more monetary stimulus from central banks in the United States and Europe.