Market Likely To Open Flat To Positive

Indian equities market ended the day on a flat note on Thursday amid volatile trading session. Early morning rally fuelled by positive macro cues (CPI and IIP) could not keep the market happy for long. The upside was capped as the monsoon session of Parliament came to an end without the passage of any key legislations. The Sensex ended at 27,550 levels, up by 37 points while the Nifty ended at 8,356 levels, up by 6 points. The broader markets also fell in trades today. The BSE mid-cap index slipped 0.2% and small-cap index fell 0.8%.

U.S. stocks closed mostly lower Thursday, following a choppy session marked by narrow gains and losses, as readings on retail sales and jobless claims suggested the U.S. economy is on healthy footing. U.S. retail sales rose in July and were revised up for June, while the trend of weekly jobless claims pointed to a tightening job market. The S&P 500 index lost 2.66 points, or 0.1%, to close at 2,083.39. The Dow Jones industrial gained 5.74 points, less than 0.1%, to 17,408.25 and the Nasdaq composite lost 10.83 points, or 0.2%, to 5,033.56.

The price of oil slipped to another six-year low Thursday on continuing concerns about high global supplies. U.S. crude fell USD 1.07 to close at USD 42.23, its lowest close since March 3, 2009. Brent crude, an international benchmark, fell 44 cents to close at USD 49.22 in London.

Europe's main stock markets closed mixed on Thursday, rebounding slightly from recent heavy losses linked to China's weakening of its currency and awaiting a Greek parliament vote on terms for a third bailout. The Stoxx Europe 600 index jumped 1.5% to 388.64, after Wednesday's drop of 2.7%. Germany's DAX, which tumbled more than 3% yesterday, rose 0.8%, while stocks in the CAC 40 in Paris jumped 1.25% and shares of London's FTSE were relative flat, falling less than 0.1%.

Asian shares were subdued in early trade on Friday, as investors digested the People's Bank of China's (PBOC) decision to set the midpoint rate for the yuan at 6.3975, slightly lower than the previous day's close of 6.3990. Japan's Nikkei stock index fell 0.1%, and was down about 0.8% for the week. Australia's S&P ASX 200 index hovered near the flatline. China's Shanghai Composite index opened up 0.4% and Hong Kong's Hang Seng index tracked the tepid open in its mainland peers, up 0.13%.

A SGX CNX Nifty Index future for August delivery was up 21 points at 8,424. Indian markets likely to open flat to positive. Traders all eyes will be on July WPI data. Key earnings today: Hindalco, Cipla