Today, BSE Sensex and NSE Nifty are likely to be weak on sluggish global cues and lacking any major supportive factor. Though, some consolidation and recovery can be seen in latter trade, as the Finance Minister Arun Jaitley has assured investors that the government will not take any action that may jeopardise investment climate.
Traders will also get some support with Chief Economic Advisor (CEA) Arvind Subramanian stating that India can grow at 8-10 percent, provided exports put up a strong show, as he pointed that International economic environment on exports is not in India’s favour as Europe, Japan and China are slowing.
Meanwhile, allaying the concerns that the Reserve Bank’s freedom to set benchmark rates could be eroded, Minister of State for Finance Jayant Sinha has said that the government will ensure the central bank has autonomy in framing monetary policy.
In other morale booster, it has been reported that India continued leading the global consumer confidence index, with the score in the second quarter of 2015 reaching the same level as in 2011. There will be lots of result reactions to keep the markets in action.
Other factors that are likely to affect market today would be quarterly earnings of Blue Star, GSFC, ABCIL, RPG Life, HDFC, Union Bank, Syndicate Bank, PNB, Dish TV, Maruti, Pidilite, Andra sugar, IDBI and PI Industries.
The Indian markets were badly butchered in the last session on P-Notes worries, amid global melt down.
The BSE Sensex closed 550.93 points down at 27,561.38. The NSE Nifty ended 160.55 points down at 8,361.00.
Asian stocks fell to three-week lows on Tuesday as a deepening rout in Chinese stocks erased risk appetite – sending investors flocking to safe-haven instruments such as government bonds and the Japanese yen.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8 percent in early deals, its lowest level since July 9 as mainland Chinese indexes opened 2- 5 percent lower.