India : Negativity to hover over markets as global peers lack momentum

Indian benchmark indices after a positive start on Tuesday, entered into red terrain, as traders preferred to book profits after a decent run-up in the markets in a short span. However, some recovery took place in last leg of trade and the indices pared most of their initial losses. The NSE’s 50-share broadly followed index Nifty slid marginally, but held its psychological 9,100 support level, while Bombay Stock Exchange’s Sensitive Index, Sensex shed over thirty points to finish below its psychological 29,500 mark.The European markets finished lower on Tuesday. The DAX of Germany dropped 0.75 per cent and the CAC 40 of France fell 0.19 per cent. The FTSE 100 of the U.K. declined 0.69 per cent.U.S stocks closed sharply lower on Tuesday, with the S&P 500 and Dow posting their biggest one-day losses since October 11, 2016. Investors turned cautious after initial hours of trading, as financials and industrials sold off severely. The S&P 500 declined 1.24 per cent, the Nasdaq Composite closed down 1.8 per cent and the Dow Jones Industrial Average dropped 1.1 per cent.Asian stocks are sinking in a sea of red, on Wednesday. Japan’s Nikkei 225 lost over 2 per cent. Hong Kong’s Hang Seng declined 1.28 per cent. The Shanghai Composite is trading lower by 0.35 per cent.At 8:09 am, SGX Nifty index was trading with losses of 70 points at 9081, indicating a negative start for Indian equities.