Markets Likely to Open Flat Today on Absence of Strong Cues

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Markets Likely to Open Flat Today on Absence of Strong Cues

By Aditya Raghunath -- Markets are in a lull ahead of the US Federal Reserve’s Jackson Hole Symposium. There are no strong domestic or global cues which makes it likely that Nifty 50 and the BSE Sensex 30 will open on a cautious note.

The last two days have seen the markets trade rangebound before closing flat. It might be another similar day today. Nifty 50 Futures in Singapore are trading up 0.29% indicating a flattish opening for the indices.

Expect heavy trading in foreign currency markets today. The Dollar Index is at 93.02, and any talk of tapering will only make it stronger.

Asian stocks fell in opening trade today before recovering. Nikkei 225 and KOSPI 50 both opened in the red. While Nikkei is still down 0.33%, Kospi has recovered smartly and is now 0.36% up. The Shanghai Composite is up 0.53% amid volatile trade.

Wall Street ended lower on Thursday anticipating a quicker tapering of the US Fed Reserve’s tapering program. Stock futures are trading higher ahead of the Jackson Hole Symposium. As of this report, Dow Jones 30 Futures are up 0.2%, S&P 500 Futures are up 0.22% and Nasdaq 100 Futures are up 0.31%.

Crude oil is going strong and is just short of $68 a barrel after hurricane reports caused production off the Gulf of Mexico to shut down.

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