Market likely to open on a negative note

Indian equities are likely to open negative on Friday, Feb. 21, 2013. SGX Nifty is trading at 5,827 (07.46 am), 21 points lower than Thursday's closeof 5,848.

Asian stocks fell for a second day on concern China will move to curb overcapacity and as European data signaled the region's recession is worsening. Japanese benchmark index Nikkei 225 fell 94.30 points, or 0.84%, to trade at 11,214.83.

Oil fell below USD 95 a barrel Thursday as disagreement among US Federal Reserve officials about its super easy monetary policy weighed on prices ahead of the release of a report on US crude inventories. Benchmark crude for April delivery was down 89 cents to USD 94.33 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. Brent crude, used to price many international varieties of oil imported by US refineries, fell 53 cents to USD 115.07 a barrel in London.

US stocks closed lower Thursday on US manufacturing and a glum turn downward in the much-watched Markit purchasing managers index that suggested more recession in the eurozone. The Dow Jones Industrial Average finished down 46.92 points, or 0.34% to 13,880.62.

European stocks declined on Thursday as a measure of services and manufacturing output contracted, while concern mounted that the Federal Reserve will scale back its asset-purchase program. UK's benchmark index FTSE 100 declined 103.83 points, or 1.62%, to end at 6,291.8.

In the spot market, the Dollar Index decreased 0.16% to 81.33 (21:07 ET).

World commodity prices fell on Thursday with the decrease in Reuters Jefferies CRB Index by 1.17%.