Market may open sharply lower on weak global cues

Indian equities are likely to open negative on Friday, Mar. 01, 2013. SGX Nifty is trading at 5,723.5 (07.35 am), 34.5 points lower than Thursday of 5,758.

Asian stocks fell as USD 85 billion of U.S. spending cuts are set to begin and after Japan's consumer prices dropped while Chinese manufacturing growth slowed. Japanese benchmark index Nikkei 225 fell 25.98 points, or 0.22%, to trade at 11,534.37.

Oil prices fell to near USD 92 a barrel Thursday in international markets. New York's main contract, West Texas Intermediate crude for April delivery, lost 71 cents from late Wednesday, closing at USD 92.05 a barrel. Brent North Sea crude for April fell 49 cents to USD 111.38 a barrel in London trade.

US stocks fell on Thursday, making a last-minute retreat after spending most of the day climbing toward record highs, but ended the month with 1% gains. The Dow Jones Industrial Average (DJI) shed 20.88 points, or 0.15%, to end at 14,054.49.

European stocks climbed on Thursday as European Central Bank President Mario Draghi and Federal Reserve Chairman Ben S Bernanke signaled they would maintain monetary support. UK's benchmark index FTSE 100 advanced 34.93 points, or 0.55%, to end at 6,360.81.

In the spot market, the Dollar Index decreased 0.07% to 81.89. (20:59 ET)

World commodity prices gained on Thursday with the increase in Reuters Jefferies CRB Index by 0.02%.