Market Outlook: BSE Sensex, NSE Nifty likely to open on positive note due to positive global cues

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Mumbai | Updated: July 29, 2015 8:45:29 AM

Traders will remain wary of US Federal Reserve's monetary decision, that is due Wednesday night.

sensex and niftyTraders will remain wary of US Federal Reserve’s monetary decision, that is due Wednesday night. (Reuters)

BSE Sensex and NSE Nifty are likely to open on positive, a day after the markets collapsed for the fourth day. Traders will remain wary of US Federal Reserve’s monetary decision, that is due Wednesday night.

Today, the start is likely to be cautious tracking flat trading of Nifty futures on the Singapore Stock Exchange, but some recovery can be seen in the very early trade of the penultimate session of F&O series expiry, on short covering and value buying after a slew of decline. Though, traders will be concerned with Reserve Bank India (RBI) Governor Raghuram Rajan’s statement that lack of good economists is impacting policy-making in the country.

BSE Sensex and NSE Nifty rocked between positive-flat-negative on Tuesday to end 102.15 points down to 27,459.23 as realty and auto shares slipped on receding hopes of a rate cut by the Reserve Bank and mixed bag of corporate earnings.

The benchmark Sensex plunged 102.15 points at 27,459.23 in closing trade while NSE Nifty dropped 24.00 points at 8,337.00.

Global Market:

Asian shares were mostly higher on Wednesday on hopes that Beijing could stem the rout in its markets without damage to the economy, though caution was the watchword ahead of a policy decision from the U.S. Federal Reserve.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen gained 0.6 percent in choppy morning trade, while the Shanghai Composite rose 0.7 percent.

Sentiment has been soothed a little by pledges from Chinese regulators to buy shares to stabilise stocks if needed and hints of more policy easing from the central bank.

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