Indian markets are expected to open on a Flat note tracking the SGX Nifty and global markets.
The US markets closed marginally negative as most traders awaited the outcome of FOMC meet as well as data on the economic front that will be announced this week, starting today. Vital data that is set to be announced this week includes US industrial Production, CPI and Housing Starts.
Most of the European markets ended in the negative territory citing lower than estimated Chinese industrial production data which elevated concerns of slowdown in the Chinese economy.
The Indian markets rallied on Monday on series of positive economic data which raised expectation of a possible interest cut in the near future. Better than expected IIP data, narrowing current account deficit and lower WPI Inflation boosted Indian markets which neglected below than estimated industrial production data from China.
Markets Today
The trend deciding level for the day is 25,672 / 7,805 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 25,814 - 26,018 / 7, 849 - 7,910 levels. However, if NIFTY trades below 25,672 / 7,805 levels for the first half-an-hour of trade then it may correct towards 25,468 - 25,327 / 7,745 - 7,700 levels.
CPI slows to 3.66%, WPI dips to historic lows
India's August retail inflation CPI slowed down for second straight month and to lowest level in four years to 3.66%, marginally lower than 3.78% in July. Wholesale Price Index-based inflation which has been in the negative zone since November 2014 has dipped to its historic lows. The WPI for August dipped to -4.95% against estimates of -4.36% and 3.85% in August 2014. Food inflation came in flat at 2.20%. Vegetables, was -6.36%.
Economic and Political News
- Government panel okays 20% safeguard duty on select imported steel products
- WPI dips to -4.95% against estimate of -4.36%, CPI slows
Corporate News
- Ashoka Buildcon bags two orders worth '440cr from Karnataka Road Development Corporation Ltd
- Bidde rs for '2,600cr power subsidy to be announced today
- Foreign investors allowed to buy upto 40% in Maruti Suzuki
Contributed by Angel Broking
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