Global mkts in red; will Nifty see a steeper fall today? - Moneycontrol.com

US markets closed lower for the third straight session on Monday amidst fears of tapering and ongoing worries over the debt ceiling. Europe too is dragged lower by uncertainty over the fate of a coalition government in Germany.

Back home, it was a disastrous start to the expiry week on Dalal Street. Equity market cracked in trade as the Nifty fell below the 5,900 mark to end at the day's lows. The Sensex also tanked over 300 points. Bank stocks got battered in trade with the Bank Nifty losing nearly 500 points.

In Asia, markets too fall on the steep Wall Street losses in morning trade today.

The government will borrow Rs 2.35 lakh crores through the second half of the year, but says this will not push fiscal deficit beyond the targeted 4.8 percent -- bond prices fall as traders make space for fresh bond auctions. Yields surged 25 basis points to cross 8.8 percent.

Currency

The euro nursed modest losses in Asia trade after the European Central Bank said it stood ready to do more to keep market rates down, while dovish comments from an influential Federal Reserve official kept the dollar on a leash.

Commodities

Global oil prices dropped by more than USD 1 per barrel despite upbeat economic data from China and Europe, as higher crude output from Iraq and a possible thaw in US-Iran relations boosted the supply outlook.

From precious metals space, gold edged higher following three days of losses, but gains were limited on uncertainty over when the US Federal reserve would begin tapering its stimulus measures.

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