Indian Indices:
Indian equity benchmarks are likely to witness a cautious opening on Tuesday amid a mixed trend across markets in Asia as US presidential hopefuls Hillary Clinton and Donald Trump clashed in a heated debate while traders anxiously awaited the outcome of the meeting of top oil producers to discuss measures to stabilize oil prices including a possible production freeze.
Gains in the Nifty Index Futures for September delivery which were trading at 8,746, up by 0.11 per cent or 9.5 points, signal that the Sensex may open slightly higher today.
The Sensex may witness some volatility as traders roll over their positions ahead of the September futures & options (F&O) contracts expiry this Thursday.
The next big focus on the macro front is the RBI monetary policy review on October 4, which will be the first meeting chaired by new governor Urjit Patel.
However, the central bank could wait till December to cut interest rates further, so as to have better clarity on the retail inflation trajectory and digest outcomes of the US Presidential elections and Fed’s November policy decision. At the same time, cooling inflation which fell to 5.05 per cent in August and a renewed factory contraction has offered near-term scope of policy easing.
Weakness in global stocks hit Dalal Street quiet hard on Monday as the 30-share Sensex sank by a massive 373.94 points or by 1.3 per cent to end at 28,294.28.
Global Market:
Asian stocks were mixed as Clinton and Trump sparred during their first US Presidential debate which was currently underway, with a poll indicating both candidates tied in a head-to-head contest, curbing risk taking appetite.
While Shanghai Composite was trading tad higher, Hang Seng rose and Japan’s Nikkei 225 fell as a stronger yen curbed the appeal of exporter stocks.
Wall Street ended lower on Monday as investors awaited the outcome of the US Presidential debate while digesting weak housing data which showed that US new home sales fell 7.6 percent to a 609,000 annualized pace in August 2016.
Major Headlines of the day:
Vardhman Textiles to use stake-sale cash to reward investors through Buyback
Finolex Cables to launch new electric water heaters from 1st October
Hero MotoCorp launches next generation Achiever 150 motorcycle to boost sales
Trend in FII flows:The FIIs were net sellers of Rs -206.4 Cr in the cash segment on Monday while the DIIs were net sellers of Rs -113.35 Cr, as per the provisional figures.
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