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Nifty stares at negative open after weak Wall Street close

Indian shares are poised to start the day in the red after Wall Street racked up a negative run overnight, following minutes of a Federal Reserve meeting that confirmed the central bank is actively considering a September rate hike.

Nifty stares at negative open after weak Wall Street close

TheNewsInternational Team

Indian shares are poised to start the day in the red after Wall Street racked up a negative run overnight, following minutes of a Federal Reserve meeting that confirmed the central bank is actively considering a September rate hike.

“Most [members of the FOMC] judged that the conditions for policy firming had not yet been achieved, but they noted that conditions were approaching that point,” according to the minutes.

Asian markets headed lower in early trade too, with key indexes in Japan, China, Hong Kong and Singapore all trading between 0.6 percent and 1.3 percent lower.

Developments in Shanghai that has seen intense volality of late will also keep traders on the edge.

In other asset classes, the US dollar fell, crude fell to the lowest in six years while gold rose to a one-month high.

Stocks that may be in news today include some that were granted a payments bank licence by the RBI yesterday, such as AB Nuvo, Airtel and Tech Mahindra.

Sun Pharma announced its acne drug XiminoTM recieved US FDA approval.

While further action may continue in Amtek Auto, which fell 28 percent yesterday, amid rumours the company is facing issues servicing its debt.

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