Markets to trade lower following Asian peers

The Indian markets continued their winning momentum for yet another day, where both the major benchmark indices hit new 52 week highs. Markets remained range bound for the major part of the day, however they witnessed a late surge in the last hour of trade. Nifty managed to close above an all-important level of 8950; whereas BSE Sensex too closed above 29000 on September 08.

European markets closed lower on Thursday owing to ECB policy meeting where the bank stuck to its timetable on the stimulus programme. All the major European Indices closed in red except FTSE 100 which was up by 0.18 per cent on September 08. Euro Stoxx 50 Pr, DAX and CAC all closed with losses in the range of 0.26 to 0.72 per cent.

US markets closed lower on Thursday as ECB kept key interest rates unchanged. Nasdaq Composite, Dow Jones and S&P 500 closed with the cut of 0.46; 0.25 and 0.22 per cent respectively.

Asian markets slipped in trade on Friday as ECB kept everyone guessing about their next move on stimulus. Key Asian markets are trading down with the exception of Hong Kong’s Hang Seng. Japanese Nikkei 225, Chinese CSI 300 and Australian ASX 200 are down anywhere in the range of 0.11 per cent to 0.75 per cent.

SGX Nifty is trading with a cut of 0.33 per cent to the levels of 8947. We expect markets to open lower, following other Asian peers.