Stocks seen lower on weak global cues; SEBI meet eyed

Weak global cues and caution ahead of the SEBI meet to review FII regulations on Wednesday is likely to keep the market mood in check. After a sharp decline in the previous session following the drop in industrial growth, equities are likely to extend losses Wednesday.

"Crucial support in declines is at 4502-4508 points; a decisive breach of it would lead to further decline. One should be careful since the Nifty has hit the daily stop at 4542 points. Traders should book profits in rallies or at best protect with 'options.

The Dow Jones Industrial Average fell 139.88 points, or 1.19 per cent, to 11,642.47, while the Standard & Poor's 500 Index slid 15.73 points, or 1.21 percent, to 1,289.59 and the Nasdaq Composite Index dropped 9.34 points, or 0.38 per cent, to 2,430.61.