Top factors that could drive markets today
Investors should expect another volatile trade today, as markets eye the Reserve Bank of India's bi-monthly monetary policy decision. While a rate cut is already priced-in, the quantum, growth outlook and comments thereafter, by the governor, on further policy easing will set the tone for markets.
Interest rate-sensitive stocks, like automobiles and financials, could thus see major movements today.
Besides, market participants will watch out for Services PMI data for the month of September slated to be released later in the day.
That apart, stock-specific developments, global cues, movement of rupee against the dollar, crude oil prices and investments by FPIs and DIIs will guide the market trajectory.
In a volatile trade on Thursday, markets ended in the red for the 4th consecutive session. The Nifty50, which took support at 200-DMA placed at 11,258, needs to trade above this level to arrest further slide.
Yesterday, the S&P BSE Sensex lost 199 points or 0.52 per cent to settle at 38,107 level, while the Nifty index ended at 11,313-mark, down 47 points or 0.41 per cent.
Globally, Asian stocks edged higher on Friday but the mood was cautious ahead of the U.S. jobs data.
MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.16%, Japan's Nikkei stock index rose 0.04% and Australian shares advanced 0.29%.
On Wall Street, US shares ended higher during the overnight trade on Thursday after two Federal Reserve officials said that the Fed was open to further rate cuts. The Dow Jones settled 0.47% higher, the S&P500 gained 0.8%, and the Nasdaq Composite added 1.12%.
Top headlines for the day
>> Online railway ticket booking platform IRCTC's IPO was over-subscribed by 112 times, the highest for a state-owned company.
>> August economic activity worse than 2008 financial crisis, says Nomura
>> Economic Offences Wing of the Mumbai police arrested HDIL promoter Rakesh Wadhawan and his son Sarang Wadhawan on Thursday in PMC Bank scam case