Markets may open positive tracking global bourses

Indian markets managed to recover in the afternoon trade after giving their third consecutive downbeat amid short covering. Finally both Nifty and Sensex closed marginally up at 8592 and 29860 levels respectively. Bank of Baroda dragged the markets and tanked the most with 9 per cent losses after posting worse than expected results.

Strong quarterly results and Oil price rise pulled Wall Street up where the major indices hit record highs. US markets closed lower with fall in Oil prices by nearly 2.5 per cent. YoY July imports declined 3.7 per cent but increased 0.5 per cent on excluding petroleum imports. Dow, S&P500 and Nasdaq gained 0.64 per cent, 0.47 per cent and 0.46 per cent respectively.

European markets witnessed choppy trade on mixed earnings from the companies but ended higher with oil price hike. DAX closed up by 0.86 per cent gains and CAC40 too closed much higher with 1.2 per cent gains. However, FTSE100 continued to remain upbeat, closing 0.7 per cent higher.

Asian markets opened higher and are mostly trading higher followed by strong cues from the US markets and gaining Energy stocks. Stock specific positive results too added to the sentiments. Japan’s Nikkei 225 is 0.75 per cent up. Hang Seng is 0.64 per cent up. China’s Shanghai Composite remains flat to positive with 0.17 per cent gains. Australia’s S&P/ASX 200 Index has recovered and is trading slightly up with 0.15 per cent gains. New Zealand’s S&P/NZX 50 is marginally up with 0.3 per cent gains. South Korea’s KOSPI remains flat to negative at 0.1per cent.

SGX Nifty is trading flat at 8622 levels. CPI is yet to be out and we can expect it to drive the markets. Nifty has recovered taking support at its 20 day EMA levels, and hence we may see some positive momentum thereby. We have many company results on the cards today, out of which SBIN and Hindalco are among the few to be watched out for.