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Market likely to be driven by domestic cues in trade today

The News International Team

The Indian equity market is likely to open on a flat note, as suggested by SGX Nifty that was trading at 8068, down 10 points, at 7:40.

It is unchartered terrain for the Indian market as the Nifty effortlessly conquered the 8000 mark in a broad based rally yesterday. With US markets shut for Labour Day and European indices largely unchanged, the market is likely to be driven by domestic cues in today’s trade. ( More details )

Shifting focus to the auto space, for August sales, numbers were much better than expected across the board.

In other news, the government asked the Supreme Court “not” to cancel all the 218 coal block allotments. It says 46 blocks that are producing coal should “not” be taken back from companies. Coal blocks run by Hindalco , JSPL , GVK Power  are part of the to-be-exempt list. The matter will now be taken up on September 09.

The government planned a super regulator for the communications sector that moves faster to create a communications commission replace the TRAI. A new tribunal to replace the TDSAT is also in the making .

On the macro front, current account deficit for the first quarter came in at 1.7 percent of GDP versus 4.8 percent a year ago. The number is largely in line with expectations but core sector growth slowed down to just 2.7 percent in July.

Globally, Europe shares closed flat to lower as investors weighed worse-than-expected manufacturing data against tensions in Ukraine. Most major bourses closed down, but volumes were light because of US markets being shut for Labour Day.

In the currency space, the euro languished at one-year lows , following an aimless session overnight with market activity severely hampered by a holiday in the US.

In commodities, Brent crude prices slipped to 102 dollars a barrel as manufacturing growth faltered in Europe and China at a time of ample supply, although the risk of production setbacks remained high in Libya.

From precious metals space, gold was steady around 1,280 dollars an ounce, after posting a small gain last week. The dollar index was trading near a 13-month high, hurting the metal.


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