Market likely to continue its downward move today Indian market fell more than one percent on Thursday to mark a third consecutive day of declines since hitting a record high at the start of the week as Tata Motors slumped after saying its unit Jaguar Land Rover would increase capital spending. The Sensex fell 1.16 percent, or 245.80 points, to end at 20,925.61, to mark its lowest close since Dec 4. The Nifty fell 1.12 percent, or 70.85 points, to end at 6,237.05, closing below the psychologically important 6,300 level. Both indexes also marked their biggest single-day fall since Nov 21. Rate-sensitive stocks such as ICICI Bank also fell on caution ahead of retail inflation data later in the day yesterday, which will be followed by wholesale inflation on Monday and is seen as key for the central bank’s policy review on Dec 18. Tackling inflation will be a priority, finance minister and RBI governor said on Wednesday, after high prices contributed to painful losses for the ruling Congress party in state elections. Despite the fall, the sentiment seems positve on hopes the domestic economy is looking at a trough and on continued foreign investor flows which crossed the 1-trillion-rupee mark earlier this week.

European equities extended a two-week sell-off to close lower on Thursday, as investors booked profits on heightened fears that the U.S. Federal Reserve could act soon start to unwind its bond-buying program. U.S. stocks finished lower on Thursday, extending losses into a third session, as investors considered the timing of any reductions in the Federal Reserve’s monetary stimulus.

Global cues are downcast today with them SGX Nifty is showing 41 points cut in morning trade indicating that Indian market would open in the red today and Nifty is likely to trade between 6260 and 6170 with downward biasness.