Investors are expected to react to market regulator Sebi's board decision to ease requirements for foreign portfolio investors (FPIs).
The regulator said FPIs would no longer be required to meet the ‘broad-basing’ criteria, under which at least 20 investors were required to establish a fund. It also said, it would rationalise the framework for issuance of participatory notes (P-notes), an instrument once very popular with overseas investors.
That apart, market participants will take cues from the minutes of the RBI's August monetary policy committee (MPC) meet released yesterday that showed that all three internal members had voted unanimously for a cut of 35 basis points to support economic growth.
Besides, global cues, rupee trajectory, foreign fund flow, stock-specific action, and oil price movement would be on investors' radar.
Now, let's see what global markets indicate for Sensex and Nifty.
Asian shares edged higher on Thursday, taking cues from gains in the US stocks. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1%, Japan's Nikkei added 0.4% and Australian shares 0.3%.
At 8:00 am, SGX Nifty, the Singaporean Exchange for Nifty Futures, was down 22 points, indicating a flat to negative start for domestic indices.
On Wednesday, the Sensex settled 0.72 per cent lower at 37,060 level, and the Nifty50 closed at the 10,919-mark, down 0.89 per cent.
The Rupee closed at 71.55, up 16 paise against the US dollar.
And, before we wrap, here's a look at the top headlines that are likely to move markets--
>> The government, on Wednesday said, it has set no deadline to ban the production of petrol, diesel vehicles or for automobile manufacturers to switch to EVs
>> Government, on Saturday, is expected to hold meeting with economists to discuss economic slowdown.
At last, stock recommendation for the day by Tradebulls Securities--
The brokerage recommends selling Tata Steel at current levels. The stock is expected to drift lower till Rs 321 price confluence zone. Hence, the stock can be sold with stop above previous sessions high of Rs 358.