Markets to open flat with negative bias

The Indian indices closed with smart gains amidst the correction witnessed last week due to Fed rate hike uncertainty. Nifty failed to hold on to the levels of 8800; whereas BSE Sensex too closed below 28600 on September 16.

European markets closed at a one and half month low on September 16, dragged down by Deutsche Bank and other banking stocks. All the key indices of the union closed with correction from 0.30 to 1.50 per cent. Leading the list of losers was DAX and Euro Stoxx Pr down by more than 1.30 per cent each.

US markets closed lower owing to the all important Fed meeting slated to be held this week. Last day of trading saw all the major indices undergo a correction. Dow Jones was the biggest drag followed by S&P 500 and Nasdaq Composite, which ended the day in red by a quarter of a per cent.

Asian markets opened higher on Monday, September 19, ahead of an all-important week where two major central banks are to announce their monetary policy. All the key Asian markets are trading in green except for Australia S&P ASX 200 which is down by 0.35 per cent. Japanese markets are closed on account of national holiday on September 19.

SGX Nifty is trading flat to the levels of 8803. We expect markets to open flat, tracking global markets.