Sensex, Nifty Seen Little Changed Amid Tepid Global Cues

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(RTTNews) - Indian shares look set to open little changed on Monday as investors look ahead to the Federal Reserve's monetary policy decision this week for directional cues.

The Fed is widely expected to raise interest rates by another 75 basis points, while the odds of a 100-bps rate hike remain at 25 percent.

Closer home, the RBI's Monetary Policy Committee (MPC) is likely to lift the policy repo rate by 35-50 basis points (bps) on September 30.

On the data front, India's gross direct tax collections grew 30 percent year-on-year till September 17 of the current financial year, while the country's foreign exchange (forex) reserves dropped by $2.234 billion to $550.871 billion for the week ended September 9, marking the lowest level in two years - separate reports showed.

Asian markets were subdued this morning and the dollar held steady in the face of increasingly strident intervention warnings from Japanese policymakers while oil prices were slightly higher in cautious trade.

U.S. stocks fell on Friday to hit two-month lows as a profit warning from global delivery bellwether FedEx heightened fears of a recession.

The Dow shed half a percent, the tech-heavy Nasdaq Composite gave up 0.9 percent and the S&P 500 declined 0.7 percent.

European stocks tumbled on Friday as the IMF and the World Bank flagged recession risks.

The pan European Stoxx 600 lost 1.6 percent. The German DAX fell 1.7 percent, France's CAC 40 index dropped 1.3 percent and the U.K.'s FTSE 100 dipped 0.6 percent.

U.S. Industrial Production Unexpectedly Flat In April

With a rebound by utilities output offset by decreases by manufacturing and mining output, the Federal Reserve released a report on Thursday showing industrial production in the U.S. came in unchanged in the month of April. The Fed said industrial production was unchanged in April after falling by 0.3 percent in March. Economists had expected industrial production to rise by 0.2 percent.

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New York Manufacturing Index Edges Modestly Lower In May

A report released by the Federal Reserve Bank of New York said regional manufacturing activity continued to decline modestly in the month of May. The New York Fed said its general business conditions index edged down to a negative 9.2 in May from a negative 8.1 in April, with a negative reading indicating contraction. Economists had expected the index to dip to a negative 10.0.

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Philly Fed Index Jumps More Than Expected But Remains Negative In May

Philadelphia-area manufacturing activity remained weak in the month of May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The Philly Fed said its diffusion index for current general activity jumped to a negative 4.0 in May from a negative 26.4 in April, but a negative reading still indicates contraction.

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U.S. Retail Sales Inch Up In Line With Estimates In April

A report released by the Commerce Department on Thursday showed a slight increase by U.S. retail sales in the month of April. The Commerce Department said retail sales crept up by 0.1 percent in April after surging by an upwardly revised 1.7 percent in March. Economists had expected retail sales to inch up by 0.1 percent compared to the 1.4 percent jump originally reported for the previous month.

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U.S. Producer Prices Unexpectedly Decrease In April

Producer prices in the U.S. unexpectedly decreased in the month of April, according to a report released by the Labor Department on Thursday. The Labor Department said its producer price index for final demand fell by 0.5 percent in April following a revised unchanged reading in March. Economists had expected producer prices to rise by 0.2 percent.

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Eurozone GDP Expands 0.3% In Q1; Employment Growth Improves

Euro area economic growth accelerated less than estimated in the first quarter and employment logged a faster increase, flash estimate from Eurostat showed on Thursday. Gross domestic product expanded 0.3 percent on a quarterly basis, which was revised down from the 0.4 percent growth estimated on April 30. This followed the fourth quarter's 0.2 percent expansion.

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U.S. Weekly Jobless Claims Unchanged From Upwardly Revised Level

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits came in unchanged in the week ended May 10th The report said initial jobless claims came in at 229,000 last week, unchanged from the previous week's revised level. Economists had expected jobless claims to tick up to 229,000 from the 228,000 originally reported for the previous week.

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U.S. Industrial Production Unexpectedly Unchanged In April

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EURUSD	1.11872	GBPUSD	1.3291	AUDUSD	0.64022
USDJPY	145.655	USDCAD	1.399	USDCHF	0.83603

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Sensex, Nifty Seen Little Changed Amid Tepid Global Cues