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Global cues robust; Nifty may open trade on positive note

Global markets are awash with positive sentiment as the S&P 500 hit a new record as a host of US economic data positively surprised amidst optimism that Janet Yellen will continue to maintain a dovish stance in her speech at Jackson Hole today.

The Indian equity market is likely to open the trading day with a marginal uptick. The SGX Nifty, an indicator of the market opening, was trading at 7915.50, up 8 points at 7:50.

Thursday proved to be yet another day of consolidation for the Indian markets yesterday with the nifty settling around the 7900 mark. Sectorally, it was financials that took the lead with PSU banks outperforming the market significantly.

Global markets are awash with positive sentiment as the S&P 500 hit a new record as a host of US economic data positively surprised amidst optimism that Federal Reserve chairman Janet Yellen will continue to maintain a dovish stance in her speech at Jackson Hole today. Asian and the European markets both were is positive in trade.

In other asset classes, the dollar hovered just below its 2014 peak against a basket of major currencies, with the bulls turning cautious ahead Yellen’s speech.

Brent crude prices slipped, hurt by an increase in supplies and precious metal gold settled at its lowest level since late June, extending losses to a fifth session, following a technical sell-off after prices broke below a key support level.

Back home, the Reserve Bank of India has pegged the country’s growth for FY15 between 5 to 6 percent saying the poor monsoon will only have minimal impact as it expects investments to pick up but warns of upside risks to its 6 percent inflation target by 2016. The central bank has further notified that financial savings are crawling up as Indians are investing less in gold and land.

And the Modi government gets ready to showcase its 100-day achievements. Ministries are likely to organise press conferences from the first  week of September and departmental secretaries will make presentations to the media.

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