Today is the ultimate day of the August series which has seen benchmark indices break key resistance levels and push to new records. While volatility has risen, markets are refusing to pare gains as was seen in the last hour of trade on Wednesday.
The Indian equity market is likely to open on a flat note with a marginal positive bias. The SGX Nifty was trading at 7953.50 at 7:50.
And today is the ultimate day of the August series which has seen benchmark indices break key resistance levels and push to new records. While volatility has risen, markets are refusing to pare gains as was seen in the last hour of trade on Wednesday.
With the Nifty tantalizingly close to the 8000 mark, it promises to be an interesting expiry.
Meanwhile, global markets remained unchanged after the record breaking rally. The S&P 500 held on to its 2000 mark and in Europe, the bigger story continues to unfold in the bond markets with the German 10-year yields down to a record low on hopes of quantitative easing by the ECB.
In other asset classes, the dollar softened a bit on Wednesday as traders focused on riskier currencies, while the battered euro continued to drift down amid speculation that the ECB will resort to quantitative easing (QE).
And Brent Crude prices held on to USD 102 dollars per barrel after a neutral inventory report, with investors looking ahead to economic data to gauge the outlook for demand in the world’s largest oil consumer.
Back home, after releasing a press note on FDI in defence, the government is now focusing on 100 percent FDI in rail infra. The press note has allowed FDI in 10 infrastructure sectors through the automatic route. For sensitive areas, proposals for over-49 percent FDI route need a clearance by the cabinet committee on security.
And as the Prime Minister Modi government completes its 100 days in office, banks will open nearly 1 crore bank accounts today. This is on the same day the PM will launch the government’s ambitious financial scheme- the Pradhan Mantri Jan Dan Yojana. Public sector banks will organize more than 60,000 camps in rural and urban areas to kickstart a programme that aims for 7.5 crore households across India to have at least one bank account.