Indian markets are likely to open with a negative bias and might remain weak.
Following the lack luster performance in the previous session the US markets saw downward trend in stock movement. The IMF came out with a lower growth projection for the US economy and that seems to have played a negative role in the market movement.
The European markets fell in the early trade but subsequently were off days lows as the Euro strengthened during the day. Also the weak sentiment in the wall street weighed on the European markets.
Indian markets witnessed sharp selling on Tuesday led by banks. The RBI has instructed banks to take higher provisions on the 12 large accounts which have been refereed for either resolution or liquidation. While some banks have taken adequate provisions the PSU banks may not have taken enough provisions and that could reflect in the coming quarter’s results.
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