Investors must brace themselves for another volatile trading session as global cues, rupee trajectory, and oil price movement are likely to steer market direction today. Besides, expectations of any announcement for a stimulus package to revive the economy is likely to keep investors on the sidelines.
That apart, all eyes would be on the Reserve Bank of India's minutes of the latest Monetary Policy meeting, which is scheduled to be released later in the day. Remember, the central bank lowered the repo rate by 35 basis points to 5.40 per cent during its August meeting.
Further, SEBI's board will meet in Mumbai today during which it may introduce a slew of reforms, including greater checks on credit rating agencies and for rewarding informants in insider trading cases with up to Rs 1 crore reward, among other things.
Globally, US President Donald Trump said on Tuesday that he had to confront China over trade even if it caused short-term harm to the US economy.
On Tuesday, the S&P BSE Sensex ended at 37,328 level, down 0.2 per cent. The broader Nifty50, too, slipped 0.33 per cent, to settle at 11,017 mark.
And now, let's take a look at the global markets.
Financial shares dragged US stocks lower during the overnight trade on Tuesday. The Dow Jones and the Nasdaq fell 0.7% each while the S&P 500 lost 0.8%. In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2% during the early trade on Wednesday, while Japan's Nikkei slipped 0.6%.
At 07:55 am, Nifty futures on the Singapore Exchange were trading 16.50 points lower at 11,012, indicating a negative start for the Indian market today.
And, before we wrap, here's a look at the top headlines that are likely to move markets--
>> Morgan Stanley has cut FY20 GDP growth target for India to 6.3% from 6.5%
>> Ministry of Civil Aviation has allowed IndiGo and SpiceJet to retain slots left vacant by Jet Airways till December, 2019
>> MCA has ordered probe against CG Power after auditors of the power equipment maker resigned a few months ago.