Indian markets are likely to open on a negative note considering global cues.
US markets closed slightly lower on Friday after giving up intraday gains. Investors were reluctant to build positions ahead of the FOMC meeting and the expected interest rate hike. Steel stocks were major gainers continuing the commodity stocks rally which began in Europe.
European markets rallied strongly as higher crude prices pushed oil stocks higher during the session. Crude futures rallied 2% ahead of potential deal between OPEC and nonOPEC oil producers to stabilize oil prices. Energy stocks Tullow Oil BP Plc and Royal Dutch Shell climbed around 2 percent each. Mining stocks Anglo American BHP Billiton Glencore and Rio Tinto jumped around 34 percent reversing Fridays losses.
Indian markets closed higher for a fourth consecutive session on Monday with modest gains. Most sectoral indices closed higher at the end of the session with the metal index reversing its losses over the last session t
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