Sensex, Nifty set for gap down opening on weak global cues; Dena Bank in focus today

The BSE Sensex and NSE Nifty may see gap down opening on Friday tracking SGX Nifty and weak global markets.

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Traditionally, government employees are known to invest such pay commission benefits into specific sectors like real estate. (Reuters photo)

The BSE Sensex and NSE Nifty may see gap down opening on Friday tracking SGX Nifty and weak global markets.

At 8.31 am (IST), SGX Nifty was down 59.50 points, or 0.76 per cent, at 7,826.

Asian shares slipped while the euro retained lavish gains on Friday, a day after its biggest one-day surge in nearly seven years as the European Central Bank’s stimulus package fell well short of markets’ high expectations.

Investors are now focused on US jobs data, which is likely to cement expectations that the Federal Reserve will hike interest rates later this month, barring surprisingly weak readings.

The S&P 500 suffered its biggest daily drop since late September on Thursday as the European Central Bank disappointed market hopes for greater stimulus.

The Dow Jones industrial average fell 252.01 points, or 1.42 per cent, to 17,477.67, the S&P 500 lost 29.89 points, or 1.44 per cent, to 2,049.62 and the Nasdaq Composite dropped 85.70 points, or 1.67 per cent, to 5,037.53.

Back home, benchmark indices fell for the second day in a row on Thursday after hawkish comments from the US Federal Reserve Chair Janet Yellen reinforced the case for an interest rate hike later this month. Market sentiment also hurt after a business survey released on Thursday showed India’s services industry barely expanded in November, growing at its weakest pace in five months.

The BSE Sensex closed 231.23 points down at 25,886.62, while Nifty50 index settled 67.20 points down at 7,864.15.

Shares of public sector lender Dena Bank will remain in focus as the bank has got board approval for dilution of government holding to up to 52 per cent and raise capital up to Rs 2,500 crore from various bonds. Government shareholding in the bank was 65 per cent at the end of September 30.

(With inputs from agencies)

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First published on: 04-12-2015 at 08:43 IST