Market to open negative

Indian equities are likely to open negative on Tuesday, Jul. 6, 2010. SGX Nifty is trading at 5,220 (7.37 am), 26 points lower than Monday closing of 5,246.



Asian stocks fell, dragging the MSCI Asia Pacific Index lower for the fifth time in six days, as slowing growth in European services and manufacturing added to signs the global economic recovery is faltering. Japanese benchmark index Nikkei 225 rose 129.03 points, or 1.39%, to trade at 9,137.75.

European equities fell on Monday. UK`s benchmark index FTSE 100 declined 14.56 points, or 0.30%, to end at 4,823.53.

Oil prices hovered above USD 72 a barrel Monday as investors worried about a weak U.S. economic recovery amid light holiday trading volume. By early afternoon in Europe, benchmark crude for August delivery was up 10 cents to USD 72.24 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 81 cents to settle at USD 72.14 on Friday.

In the spot market, the Dollar Index increased 0.195% to 84.71. It touched a high of 84.83 and a low of 84.65 after opening at 84.66. (21:55 ET)