Globally, US stocks closed more than 1 percent lower ahead of a long weekend as uncertainty about the timing of a rate hike and Chinese economic growth continued to weigh.
The Indian equity market is expected to open in the red today with the SGX Nifty, an indicator of the market opening, trading at 7624.50, down 33.50 points at 7:40.
The market saw its highest weekly loss in nearly four years with the Nifty and Sensex losing more than 4 percent last week. The Bank Nifty was down over 20 percent from its all-time high.
Globally, US stocks closed more than 1 percent lower ahead of a long weekend on Friday as uncertainty about the timing of a rate hike and Chinese economic growth continued to weigh.
The country’s unemployment stood at a 7-year low, despite the August non-farm payrolls coming in way below estimates.
Asian shares saw recovering in early trade. China’s Shanghai Composite reversed a brief negative open to surge 1.7 percent within 15 minutes of opening.
In other asset classes, the dollar traded lower as US jobs data did little to clear currency markets’ uncertainties over whether the Federal Reserve will raise rates later this month.
Crude prices declined as traders shrugged off a drop in the number of US rigs drilling for oil and focused instead on a supply glut and declining stock prices on Wall Street.
And precious metal gold’s prices continued to fall, trading at around USD 1120 an ounce.
Back home, minority shareholders may finally get to have their say on Maruti’s proposed plant in Gujarat. Chairman RC Bhargava told shareholders that the proposed plant is crucial for the company’s future growth plans.
And veterans are divided after the PM’s reassurance that One Rank One Pension (OROP) is for all, including pre-mature retirees. Finance Ministry sources indicate that FY16 pension bill may go up by around Rs 6000-7000 crore on the same.