The Indian market is likely to open on a cautious note today. The US markets closed with marginal gains amid low volumes on Monday on worries of the third quarter corporate earnings. The Asian pack was trading lower on a decline in oil and commodity prices and on concerns about the global economy. The SGX Nifty was down 12.50 points at 6,142.50 against 6,155 on Monday.
The local market ended in the positive zone for the second day in a row. Although the indices got an early boost from the global markets this morning, the gains could not be sustained and the jittery market ended a tad higher, pulled down by profit booking. The Sensex ended at 20,340, up 89.63 points (0.44%). The Nifty gained 32.40 points (0.53%) to settle at 6,136.
The government is expected release the industrial numbers, which may provide some direction to the Indian market later in the day.
Wall Street closed a tad higher amid low volumes on concerns about earning reports from corporates. Investors chose to book profits after the recent rally in stocks. Besides, expectations of the Federal Reserve’s move to prop up the economy, has already been factored in.
The Dow gained 3.86 points (0.04%) at 11,010. The S&P 500 added 0.17 points (0.01%) to 1,165.32. The Nasdaq rose 0.42 points (0.02%) 2,402.
Markets in Asia were trading lower on a decline in oil and commodity prices. Concerns about the global economy also weighed on the investors. Stocks in Japan were trading lower as a stronger yen made exporters cautious.
The Shanghai Composite was down 0.46%, Hang Seng was down 0.32%, KLSE Composite was down 0.04%, Nikkei 225 was down 0.90%, Straits Times was down 0.11%, Seoul Composite was down 1.06% and Taiwan Weighted was down 0.32%. The SGX Nifty was down 12.50 points at 6,142.50 against 6,155 on Monday.
After showing a robust growth of 13.8 per cent in July, the Index of Industrial Production (IIP) for August is likely to slip to around 10%, say experts.
A day before the IIP for August is to be made public, senior economists on Monday said that segments like capital goods — which witnessed a production growth of 63% in July against just 1.7% a year ago — will hopefully maintain the momentum.