Market Is Likely To Open Flat To Positive

After an initial sharp slide, Indian equities market recovered during the course of the trading session. The Sensex and the Nifty fell sharply in early trade taking cues from weakness in Asian stocks and profit bookings, coupled with anxiety over the upcoming domestic factory output data. The trade ended a two-day relief rally which started on Tuesday. The Nifty lost 30.50 points or 0.39% to settle at 7,788.10 and the Sensex fell 97.41 points or 0.38% to settle at 25,622.17. The BSE Mid-Cap index rose 0.65% and the BSE Small-Cap index fell 0.4%.

U.S. stocks closed higher Thursday, off session highs as a bounce in oil, but uncertainty ahead of the Federal Reserve’s two-day policy meeting on Sept. 16-17 made for volatile trade and kept a lid on gains. The S&P 500 closed 10.25 points, or 0.5%, higher at 1,952.29. The Dow Jones Industrial Average gained 76.83 points, or 0.5%, to 16,330.40 and the Nasdaq Composite ended the day up 39.72 points, or 0.8%, at 4,796.25.

WTI oil settled up USD 1.77, or 4.01%, at USD 45.92 a barrel, more than reversing Wednesday's 3.9% decline. Brent crude, the global benchmark for oil, rose by USD 1.20, or about 2.5%, to USD 49.70 a barrel.

Europe's main stock markets fell on Thursday as a recent rally came to a halt following losses in Asia, triggered in part by US rate rise fears. In the eurozone, the CAC 40 in Paris fell 1.46% to finish at 4,596.53 points and Frankfurt's DAX 30 lost 0.90% to 10,210.44. London's FTSE-100 index of leading shares dropped 1.18% to close at 6,155.81 points as the Bank of England cut its growth forecast for Britain and warned of global "headwinds" from the slowdown in China and other emerging economies.

Asian stocks mostly rise amid choppy trade on the final trading day of the week, as investors eyed increased uncertainty heading into the Federal Reserve's crucial meeting on interest rates next week. Japan’s Nikkei 225 Stock Average traded at flat. The Nikkei 225 has advanced 2.6% this week. Australia’s S&P/ASX 200 Index climbed 0.33%, heading for a 1% weekly advance amid higher metal prices. The Kospi index in Seoul retreated 0.65%. %. China's Shanghai Composite index rose nearly 0.2%.

A SGX CNX Nifty Index future for September delivery was up 13.5 points at 7,834. Indian market is likely to open flat to positive.