Markets may open positive but will remain volatile ahead of expiry

Indian markets clearly recovered in the last hour, after giving almost three consecutive downbeats, where Nifty retained 8600 and closed at 8632; while Sensex just closed below 28000 mark. Telecom major, Idea Cellular pulled the Nifty upwards with the news of its merger with Vodafone, which it denied later. Otherwise all IT majors drove the recovery in the benchmark indices.

Major US indices scored marginal gains that neared the record highs after mixed domestic cues of robust housing data that rose 12.4 per cent to 6.54 lakhs annually; while US manufacturing PMI eased to 52.1 as against 52.9 in July. 
Dow Jones rose 0.1 per cent; S&P 500 rose 0.2 per cent and Nasdaq rose 0.3 per cent. US oil witnessed a fall with piling up of stocks. US WTI was trading down at 47.64 USD with 1 per cent losses.

European markets too zoomed on stronger Eurozone data and investors still awaited the speech on Saturday from Federal Reserve lead, Janet Yellen. The DAX rose 0.94%; the CAC-40 grew 0.72%; and FTSE rose 0.59%.

Asian markets are mixed with Hang Seng trading lower with 0.7 per cent losses; while Nikkei gaining 0.5 per cent. Shanghai Composite remains flat. Amongst others Australia’s S&P/ASX 200 is 0.08% up; while New Zealand’s S&P/NZX 50 is marginally down with 0.42 per cent losses. South Korea’s KOSPI is 0.3 per cent down.

Tracking reasonably positive global cues and the recovery in the previous session, Indian markets may open on a flat to positive note. However, SGX Nifty is trading marginally down at 8626 levels.