The BSE Sensex and NSE Nifty are likely to open in red on Monday tracking SGX Nifty and mixed Asian cues.
The BSE Sensex and NSE Nifty are likely to open in red on Monday tracking SGX Nifty and mixed Asian cues.
At 8.29 am (IST), SGX Nifty was down 0.49 per cent, or 38.50 points, at 7,885.50.
Asian stocks sagged on Monday after Wall Street’s uninspiring Friday performance and ahead of key economic indicators, while the dollar consolidated its gains against the yen and euro. Nikkei and Shanghai were down 1.14 per cent and 0.53 per cent at 17,677.12 and 3,076.03, respectively.
On Friday, the S&P 500 erased an early Federal Reserve-driven rally and closed slightly lower amid a selloff in biotech shares, and the Nasdaq lost 1 per cent. The Dow , however, managed to rise 0.7 per cent.
The European markets ended the Friday’s session on a positive note led by comments from Janet Yellen, which provided the clarity investors had been seeking on the direction of US monetary policy.
Back home, the Indian markets ended modestly higher on Thursday ahead of a long weekend and the upcoming monetary policy meeting on September 29. Mixed global cues, rupee weakness and portfolio churning on the eve of the expiry of September derivative contracts limited potential gains. Sensex and Nifty jumped 0.16 per cent and 0.29 per cent at 25,863.50 and 7868.50, respectively, on Thursday. Domestic equity markets were closed on Friday on account of Eid.
Markets Today
According to Angel Broking, the trend deciding level for the day is 25,828/7,856 levels. If Nifty trades above this level during the first half-an-hour of trade on Monday then the market may witness a further rally up to 25,985 – 26,107 / 7,907 – 7,946 levels. However, if Nifty trades below 25,828/7,856 levels for the first half-an-hour of trade then it may correct towards 25,706 – 25,549 / 7,817 – 7,765 levels.
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