Markets to consolidate at current levels

The Indian markets snapped their 2-day rally, which saw them hit new highs on a yearly basis amidst consolidation at current levels. Nifty managed to close above levels of 8915; whereas BSE Sensex too closed above 28900 on September 07. However, there was result driven action from individual stocks.

European markets inched higher on Wednesday by taking the benchmark  near the eight- months' high owing to  anticipation from analysts that the ECB (European Central Bank) may increase its stimulus efforts after the Brexit vote. All the major European Indices closed in green on September 08. Euro Stoxx 50 Pr, FTSE 100, DAX and CAC all closed with good gains in the range of 0.30 to 0.70 per cent.

US markets closed the trading session on a flattish note on Wednesday as investors digested the release of Federal Reserve’s Beige Book. Nasdaq Composite was an exception as it posted gains and closed the day with gains of 0.15 per cent. However, Dow Jones and S&P 500 saw flat closing with a negative bias.

Asian markets are trading near their all-time highs on Thursday as they await key trade data from Chinese markets and ECB policy meeting. Prominent Asian markets are showing mixed cues with the likes of Japanese Nikkei 225, Chinese CSI 300, Hong Kong’s Hang Seng and Australian ASX 200 witnessing some pressure on the downside. Whereas, MSCI broader market index is trading higher with gains of 0.25 per cent.

SGX Nifty is trading flat with a negative bias to the levels of 8957. We expect markets to open flat too negative, tracking other Asian markets.