Indian stock markets opened weak today tracking SGX Nifty, Asian markets and mixed global cues. Asian markets opened weak and all emerging markets were trading in negative on concerns that the UK Prime Minister Theresa May might seek hard exit from the European Union.

Chinese markets fell sharply in the early morning trade. The Shanghai composite fell 1.1% and the Shenzhen composite fell 1.48%. Hong Kong’s Hang Seng also fell 0.73%.

BSE Sensex was almost flat at 27,224.04 points, down 0.05% from the previous close, while NSE Nifty gave up the 8,400-mark, and was trading 0.15% at 8,387.75 points.

Earlier, the US stock futures fell as the British pound tumbled as much as 1.6% ahead of Theresa May’s speech later this week. Observers expect the currency markets to remain volatile till May’s speech.

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Further, technical analysts expect the benchmark indices to continue their consolidation on Monday, following the Sensex and Nifty letting go of their winning streak on Friday. The Sensex ended flat at 27,238.06 points while the

Nifty closed at 8,400.35 on Friday, January 13. However, the projected consolidation may remain rangebound.

SMC Research said in its morning report that the Energy and PSE sector stocks might outperform today, while Automobile and Pharmaceutical shares would be watched for likely underperformance.

The markets would keenly watch for Reliance Industries third quarter earnings, due to be announced later today.

Most analysts are now awaiting results of leading companies for cues on the next triggers for the markets.