Market likely to open on a negative note

Indian equities are likely to open negative on Monday, July 23, 2012. SGX Nifty is trading at 5,168 (08.13 a.m.), 48 points lower than Friday"s closeof 5,216.

Asian stocks dropped after a Chinese central bank adviser forecast an economic slowdown and on renewed concern that Greece may not meet its bailout targets, damping demand for riskier assets. Japanese benchmark index Nikkei 225 fell 188.65 points, or 1.37%, to trade at 8,551.22. Hong Kong"s Hang Seng index declined by 522.98 points, or 2.66%, to trade at 19,117.82.

Oil prices fellto USD 91.44 a barrel on Friday in international markets. Benchmark oil fell USD 1.22 on Friday to end at USD 91.44 a barrel in New York. Brent crude, which is used to price international varieties of crude, was down 97 cents to finish at USD 106.83 in London.

US stocks fell on Friday, the euro weakened and commodities dropped after Spain said the recession will extend into next year and Chinese leaders pledged to clamp down on property speculation. The Dow fell 120.79 points, or 0.93%, to close at 12,822.57. The Nasdaq shed 40.6 points, or 1.37%, to close at its intraday low of 2,925.30.

In the spot market, the Dollar Index increased 0.23% to 83.67 (22:31 ET).

World commodity prices fell on Friday with the decrease in Reuters Jefferies CRB Index by 0.13%.