 "Markets closed on account of Bakri ID")
Indian equity, forex, money and commodity markets will remain closed today on account of Eid ul Adha, also known as Bakr Eid.
On Thursday, benchmark share indices ended marginally higher, amid a volatile trading session, following the expiry of September derivative contracts.
Meanwhile, investors are keenly awaiting Reserve Bank of India's stance on interest rates at its policy meet next week.
The Sensex closed up by 40 points at 25,863 and the Nifty gained 22 points to end at 7,868
The broader the BSE MidCap and SmallCap indices were up 0.2-0.6% each. Market breadth was strong with 1,442 gainers and 1,245 losers on the BSE.
Foreign institutional investors were net sellers in equities to the tune of Rs 1,445 crore in the previous two trading sessions.
SEPT F&O EXPIRY
Nifty future has seen Rollover of around 59% from September to October series, rollover are comparatively low from averages which indicates that bulls and bears both have not taken their position aggressively as market stuck in a broader range and yet not given any decisive sign of movement on either side even after making a short term bottom near to 7550 zones.
According to Chandan Taparia, Derivative Analyst, Anand Rathi, "Index had consolidated in the September series with the volatile swing, it also made a panic bottom near to 7550 zones but failed to surpass crucial hurdle of 8050 zones and stuck in between the trading range. Now it has to hold above 7850 zone to witness an up move towards its strong supply zone of 8050-8090 mark and holding above the same only would change the immediate negative trend to start a fresh leg of rally in the market. While on the downside immediate support exist at around 7770 and 7665 zones. Participants would keenly watch on the announcement of RBI policy and which may decide the next market trend."
MARKET OUTLOOK
According to Sanjeev Zarbade, Vice President, Private Client Group Research, Kotak Securities.“Global equity markets have been largely negative during the week. In a truncated week, the Sensex closed in the red. China released its Caixin PMI data which signaled level of weakness not seen in past six years.
He further added, "President Xi’s comments that China is not contemplating further devaluation gave some relief to investors as they pondered over the extent of slowdown in the country. Going into the next week, the RBI meet on Sep 29 is an important event.”
RUPEE
The rupee weakened for the fourth straight session on Thursday to end at Rs 66.16 to the US dollar amid strong month-end dollar demand and foreign capital outflows.
GLOBAL MARKETS
Asian stocks were trading with marginal losses after China shares pared early gains despite the capital infusion today by its central bank as investors remained . China benchmark Shanghai Composite was down 0.1% while Hang Seng also eased 0.1% and shares in Japan were trading flat with negative bias after core consumer prices eased 0.1% in August compared to the corresponding month last year.
US stocks ended lower on Thursday amid selling pressure in healthcare stocks while shares of index heavyweight Caterpillar eased after the company reduced its sales forecast. The Dow Jones ended down 79 points at 16,201.32, the tech-laden Nasdaq slipped 18 points at 4,734.48 and the S&P 500 ended down 7 points at 1,932.24.
European shares also ended sharply lower on Thursday amid worries that the auto-emissions issue at Volkswagen could hurt economy in the continent. The CAC-40, DAX and FTSE ended down 1.2-2% each.
