Indian stock markets opened down on Monday amid weak cues from most overseas markets. Trade is expected to be choppy due to rollovers to March derivatives contract.
The BSE Sensex was trading down 44.32 points or 0.21 per cent at 20,656.43 while the NSE Nifty was down 13.25 points or 0.22 per cent at 6,142.20.Nifty is seen taking support at 6,120 points and face resistance at 6,200 points. On Friday, Nifty ended above the technically important 6150-mark at 6155.45, up 64.00 points or 1.0% from Thursday.
US stocks fell on Friday after indications from Fed officials showed that the central bank would continue tapering its bond buying programme. In a speech on Friday, Dallas Fed President Richard Fisher said the central bank should continue to reduce the pace of its asset-purchase programme. At a separate event, St. Louis Fed President James Bullard said US economy is headed for a good year of growth and he expects the Fed to continue tapering the bond-buying programme.
In US, existing home sales dropped 5.1 per cent in January to an annual rate of 4.62 million units, the lowest level since July 2012. Cold weather and a lack of housing stock sidelined potential homebuyers in January, the National Association of Realtors said on Friday, in latest report indicating severe winter weather has dragged on economic growth.
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