Market may open sharply lower on weak global cues

Indian equities are likely to open negaitve on Tuesday, Feb. 5, 2013. SGX Nifty is trading at 5,969.5 (07.59 am), 23.5 points lower than Monday"s closeof 5,993.

Asian stocks fell amid renewed concern about Europe's debt crisis. Japanese benchmark index Nikkei 225 fell 141.05 points, or 1.25%, to trade at 11,122.11.

Oil prices fell below USD 97 a barrel Monday in international markets. By early afternoon in Europe, benchmark oil for March delivery was down USD 1.03 to USD 96.74 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international varieties of oil, was down 81 cents to USD 115.95 a barrel on the ICE Futures exchange in London.

US stocks closed sharply lower on Monday as signs of political instability in Italy and Spain renewed worries about the eurozone's long-running public debt crisis. The Dow Jones Industrial Average dropped 129.71 points, or 0.93% to finish at 13,880.08 on Monday.

European stocks tumbled on Monday as Spanish and Italian banks retreated with the nations' government bonds amid signs of returning political uncertainty in the region's weakest economies. UK's benchmark index FTSE 100 declined 100.40 points, or 1.58%, to end at 6,246.84.

In the spot market, the Dollar Index increased 0.11% to 79.64 (21:18 ET).

World commodity prices fell on Monday with the decrease in Reuters Jefferies CRB Index by 0.71%.