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Pre-mkt cues: Global mkts mixed; Nifty likely to open flat

Global cues are mixed with the US markets closing mixed with Nasdaq slipping to a one-month low, as investors booked profits ahead of the crucial two-day FOMC meeting that begins today.

The News International Team

The Indian equity market is likely to open trade today on a flat, albeit, slightly negative note today. The SGX Nifty, an indicator of the market opening was trading at 8034.50, down 24.50 points at 7:50.

The market saw consolidation on Monday with the Sensex shedding over 240 points to slip below 27,000. Nifty also slid below 8,100 but midcaps continued to outperform.

Global cues, meanwhile, are mixed with the US markets closing mixed with Nasdaq slipping to a one-month low, as investors booked profits ahead of the crucial two-day FOMC meeting that begins today.

Asian markets too are trading in the red as all eyes stay glued on the start of the Federal Reserve’s meeting. Europe too closed lower over concerns on the Fed meet and the Scottish independence vote.

In other asset classes, brent crude is trading well below USD 97 per barrel, its lowest since July 2, 2012 as investors are concerned of a possible weakening oil demand. The dollar, meanwhile, held steady with investors reluctant to do much as they wait for fresh guidance on interest rates from the Fed. Precious metal gold continued to trade near an eight-month low of USD 1235 dollars per ounce.

Back home, August trade deficit dropped to USD 10.8 billion- the lowest level in four months.  Export growth remains tepid as imports rise thanks to a 175 percent surge in gold imports.

The tax registers are ringing once again as the top 15 companies reported a 19 percent surge in advance tax payments. Banks, pharmaceutical and information technology (IT) companies took the lead. Auto companies, however, were among the laggers.

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