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Sensex, Nifty Seen Little Changed Amid Tepid Global Cues
(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.
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