Sensex, Nifty likely to open in red tracking Asian cues

The BSE Sensex and NSE Nifty are likely to open in negative on Wednesday tracking SGX Nifty and Asian markets.

At 8.35 am, SGX Nifty was down 0.19 per cent at 8,458.

Asian peers, Shanghai, Nikkei and Hang Seng were also down 2.40 per cent, 0.52 per cent and 1.42 per cent at 3,658.28, 20,448.50 and 23143, respectively.

The key benchmark indices BSE Sensex and NSE Nifty closed 46.73 points and 12.45 points lower at 27,831.51 and 8,464.85 on Tuesday.

Market sentiments were dented after Moody’s Investors Service revised its forecast for India’s economic growth to around 7 per cent this year from 7.5 per cent because of lower-than-expected rainfalls in the monsoon season further dents market mood. The weather department had said on Monday that India’s monsoon deficit has widened to 10 per cent as a strengthening El Nino weather pattern trimmed rainfall, raising fears of the first drought in six years.