Market may open sharply lower on weak global cues

Indian equities are likely to open negative on Wednesday, Oct. 03, 2012. SGX Nifty is trading at 5,772.5 (07.42 a.m.), 30.5 points lower than Monday"s closeof 5,803.

Asian stocks are trading mixed amid speculation Spain will request a bailout even as Prime Minister Mariano Rajoy said there are no imminent plans to ask for aid and before the release of Chinese data on the services industry. Japanese benchmark index Nikkei 225 rose 1.07 points, or 0.01%, to trade at 8,787.12.

Oil pricesrose above USD 92 a barrel Monday in international markets. Benchmark crude closed up 29 cents at USD 92.48 in New York. Brent crude, which is used to price international varieties of oil, fell 20 cents to USD 112.19 on the ICE Futures Exchange in London.

US stocks ended little changed in a volatile session on Tuesday as uncertainty over when Spain might apply for a bailout shackled a market struggling to build on gains that took the S&P 500 to its highest in nearly five years. The Dow Jones industrial average was down 32.83 points, or 0.24%, at 13,482.28.

European stocks declined on Tuesday as companies from Alstom SA to Erste Group Bank AG (EBS) sold shares. UK"s benchmark index FTSE 100 declined 11 points, or 0.19%, to end at 5,809.45.

In the spot market, the Dollar Index increased 0.06% to 79.78 (22:10 ET).

World commodity prices gained on Monday with the increase in Reuters Jefferies CRB Index by 0.63%.