Market may open sharply lower on weak global cues

Indian equities are likely to open negative on Thursday, February 21, 2013. SGX Nifty is trading at 5,930.5 (08.04 am), 33.5 points lower than Wednesday of 5,964.

Asian stocks fell, as Federal Reserve minutes showed policy makers are divided over U.S. stimulus measures and China stepped up property curbs. Japanese benchmark index Nikkei 225 fell 79.34 points, or 0.69%, to trade at 11,389.63.

The price of oil fell Wednesday, as a drop in metals commodities overflowed to crude markets and stocks retreated from five-year highs. Benchmark crude for April delivery lost USD 1.88, or 2%, to finish at USD 95.22 a barrel on the New York Mercantile Exchange. Brent crude, used to price many international varieties of oil imported by U.S. refineries, fell USD 1.92 to finish at USD 115.60 a barrel in London.

US stocks piled up losses Wednesday after Federal Reserve minutes showed divisions over asset purchases, with some officials suggesting to wind them down before the jobs market picks up. The Dow Jones Industrial Average finished down 108.13 points, or 0.77% at 13,927.54.

European stocks retreated from a three-week high as commodity producers declined and companies from Deutsche Lufthansa AG to RSA Insurance Group Plc cut their payouts to shareholders. UK's benchmark index FTSE 100 advanced 16.30 points, or 0.26%, to end at 6,395.37.

In the spot market, the Dollar Index decreased 0.01% to 81.05. (21:30 ET)

World commodity prices faas on Wednesday with the decrease in Reuters Jefferies CRB Index by 0.60%.