Markets may notch marginal gains in the opening trades following subdued cues from Asia ahead of the August inflation data. The Nifty futures on Singapore Exchange were up 12 points, at 4,952.
The August inflation data due around noon today is expected to set the tone for the Reserve Bank of India's monetary policy this Friday. Economists polled by Reuters expect Wholesale Price Index close to double digits, around 9.6% for August due surge in food and fuel prices.
Ashish Chaturmohta, Vice President - Derivatives and Technical Analyst from IIFL Wealth said, "The Nifty future has a crucial support around 4900 levels, a close below this level can drag the Index towards 4800 – 4750 levels. On upside, any rally till 5050 can be considered a pullback rally."
Markets across Asia were trading slightly lower, the Nikkei Stock Average was down 0.2% and the Shanghai Composite was trading flat, at 2,588. Hong Kong's Hang Seng was trading up 0.3%.
Wall Street indices overnight took some respite after Germany Chancellor, Angela Merkel made an attempt to reassure nervous investors that the top priority of European policy makers was to avoid “uncontrolled insolvency” for Greece. US President Barack Obama also urged for greater efforts to solve the Euro-zone debt crisis. The Dow, Nasdaq and S&P 500 ended between 0.5-1.5% each.
Foreign Institutional Investors have turned net sellers in the Indian equity markets; they were net sellers for the second consecutive day as they sold shares worth Rs 468 crore in cash, while the Domestic Institutional Investors bought shares worth Rs 122 crore.
