Markets may open flat to positive tracking Asian peers

After a day’s breather Indian markets hit new 52 week highs, wherein Nifty closed above 8800 mark at 8810; and Sensex gained 108 points to close above 28500 on Sept 02. Auto ancillaries and PSU Banks led the move.
 
European markets ended lower on September 5, amid mixed economic data. Markets remained lethargic due to trading holiday in US. Meanwhile IHS Markit and the Chartered Institute of Purchasing and Supply devised the purchasing managers' index for Britain, which increased to 53.2 recovering from the record fall at 47.4 in July. DAX tumbled 0.11%, and the CAC-40 remained flat. FTSE 100 too dropped 0.22 per cent.
 
US markets closed on a positive note on Friday i.e. September 2 where Dow Jones, S&P500 and Nasdaq rose 0.39, 0.42 and 0.43 per cent respectively. The move was despite weak employment data that may have offset the chances of rate hike anytime in September.
 
Asian markets opened mixed ahead of Reserve Bank of Australia’s rate policy. Nikkei 225 is trading with 0.22 per cent gains and Hang Seng is marginally up with 0.246 per cent gains. Shanghai composite is seen down with 0.26 per cent losses. Australia’s S&P/ASX 200 is 0.35 per cent down; while New Zealand’s S&P/NZX 50 and South Korea’s KOSPI are flat.
 
Urjit Patel assumed charge as governor of RBI in place of Raghuram Rajan on September 4. SGX Nifty remains absolutely flat at 8907 levels. We expect markets to open flat to somewhat positive tracking global bourses. Markets may see news based stock specific moves.