Markets have a muted start; Nifty hovers at 8,450

The markets have started the last day of the ongoing trading week on a cautious note, tracking the subdued cues across Asia.

At 9.20am, the Sensex was at 27,975, higher by 30 points and the Nifty was at 8,451, up 7 points.

On the economic front, the RBI Governor Raghuram Rajan expressed faith in the Indian economy. Raghuram Rajan said post market hours on Thursday that the growth is recovering and investment is picking up; he, however, maintained a cautious stance on inflation expectations.

The Sensex had closed below the 28,000 mark at 27,945 and the Nifty had ended at 8,444 in Thursday's session.

Meanwhile, all eyes would be in Greece on Sunday ahead of the voting on referendum, which could provide some clarity on whether the cash strapped nation would be a part of European Union or not.

RUPEE

The rupee extended its upmove in early trade ON Friday. The currency opened at 63.43 a dollar, up 8 paise compared to 63.51 per dollar in previous session. It had gained 10 paise in the previous session.

GLOBAL MARKETS

Asian markets are trading lower today on concerns of Greece ahead of its referendum on Sunday. Also the mixed jobs data from US for the month of June has also dampened the sentiments.

Japan’s Nikkei index is down by 0.4% while Shanghai Composite has slipped over 5%. Hang Seng is lower marginally at 0.6%.

Wall Street also dipped on Thursday ahead of Greece woes and the unexpected jobs data for the month of June. The Dow Jones ended 0.16% down while the S&P was down by 0.03% and Nasdaq composite was down 0.08%.