Uneventful overnight session for global markets with still no clear consensus call on the result of Wednesday's Fed meeting. Energy stocks on the back foot as oil was down. In Europe, Stoxx600 was down 0.6 per cent as the migrant crisis continued to escalate. Eurozone July industrial production grew at double the forecast, but this was largely ignored by markets. The dollar came off slightly to near 3-week lows, oil was down 1.5 per cent, copper prices sold off 2 per cent. Non-stop weak Chinese data is the big concern in Asia. China closed down 2.7 per cent yesterday and is down another 1.5 per cent this morning. Rest of Asia is trading mostly lower as well.
India yesterday clearly stood out in the region with 1 per cent closing gain. FIIs bought stocks in the cash segment after being sellers for the last 10 days. With August retail inflation (CPI) coming in 3.7 per cent & WPI undershooting big time yesterday many expect a September RBI rate cut (meeting is on the 29th). The Bank Index surged 2 per cent yesterday. Index added 5 per cent open interest but none of banking single stock futures saw any change in open interest positions. Keep an eye out for Maruti. Maruti is now out of FII restricted list and the buzz of an MSCI inclusion will grow (in November).
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
