Sensex, Nifty to open on a weak note

Global cues are subdued. Asian markets are in the red. Oil prices crashed to close below $30 a barrel for the first time in 12 years last week, as Chinese stock markets fell further and traders braced for an imminent rise in Iran's exports.

Rising concerns over a global slowdown, particularly due to a possible hard landing in China, geo-political tensions and lack of visible recovery in India Inc earnings remain reasons for the ongoing fall in the stock market. A strengthening USD is resulting in flight of capital to safety and all emerging markets are getting painted with the same brush by FPIs.  Oil prices crashed to close below $30 a barrel for the first time in 12 years last week, as Chinese stock markets fell further and traders braced for an imminent rise in Iran's exports.

The outlook is a weak open. The rupee hit a 28-month low against the US Dollar and will be eyed. This week, a number of large-cap companies will announce their results. These include RIL, HCL Tech, Axis Bank and Asian Paints. Wipro, Kotak Mahindra Bank and Mindtree results will be in focus on Monday. Mindtree will also consider bonus equity share and dividend while Wipro will consider payment of dividend. December Export-Import data is expected before noon. Global cues are subdued. Asian markets are in the red. Should the situation improve during the day, the indices may step into the green. For now a narrow trading range is expected.

US stock indices plunged on Friday as oil prices continued to slide, sparking worries over the state of the global economy. With this, Wall Street has recorded the worst ever 10-day start to the year. The S&P 500 fell to its lowest level since October 2014.The Dow slumped 390.97 points, or 2.4%, to end at 15,988.08, while the S&P 500 sank 44.85 points, or 2.3%, to close at 1,876.99.The Nasdaq Composite index tumbled 126.59 points, or 2.7%, to finish at 4,488.42.

Reserve Bank of India Governor Raghuram Rajan will meet bank chiefs this week to review the state of bad loans.

EGMs of companies include Ashoka Refineries, Camson Bio Technologies, IVRCL and Total Exports.