The 50 -share Nift index is expected to open flat on Wednesday following muted trend seen in other Asian market. Tracking the momentum, the index is expected to head down but should be able to recoup losses later in the day and retest its crucial level of 7900.
Benchmark indices extended their nothward juourney for sixth straight day, following firm global cues. The CNX Nifty index crossed the psychological barrier of 7900 on the opening tick but failed to close above the same in trade on Tuesday.
At 07:30 a.m., Nifty India stock futures in Singapore were trading 15 points lower at 7,898 indicating flat opening on the domestic market.
Overnight, US stocks ended higher boosted by robust housing data and strong earnings from Dow Component Home Depot. Global cues are positive as the US market extended gains on optimism that the Federal Reserve will keep rates lower for longer. The S&P 500 is less than half a percent from its all-time high. All eyes are now on the upcoming Jackson Hole symposium and the minutes of the July FOMC meet to be released today.
Asian shares were trading mixed. European shares closed in the green on Tuesday as Ukraine worries eased and companies posted robust earning. Asian markets, meanwhile, were trading mixed over higher-than expected Japan trade deficit and despite gains from the US markets.
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