Here Are Top 10 Developments:
1) Analysts say that traders are likely to be cautious today. The Reserve Bank of India will announce its monetary policy tomorrow.
2) A 25-basis-point rate cut from the RBI is already factored in by the markets, says TS Harihar of HRBV Client Solutions Private. So unless it is more than a 25-bps rate cut, markets are unlikely to cheer it, Mr Harihar says.
3) If the RBI does not meet the Street's expectations, markets are likely to come under strong selling pressure, Mr Harihar says.
4) On the higher side, Nifty faces resistance at 8050-8100 levels, says K Subramanyam of Altamount Capital.
5) The rupee held firm at 66.04/dollar today. US Fed chief Janet Yellen last week said the central bank could hike rates this year, pushing the dollar to a two-week high against a basket of currencies.
6) IT stocks came under pressure today after Accenture forecast a muted 5-8 per cent revenue growth for the FY16 fiscal year. Infosys fell 1.9 per cent while Wipro was down nearly 1 per cent.
7) Metal stocks also witnessed selling pressure after global copper prices remained stuck near 3-month lows. Copper is seen as a benchmark for commodities demand. Oil & gas stocks also fell after a fall in global Brent crude prices. Cairn India, Vedanta and ONGC fell over 1 per cent.
8) Gains in healthcare and banking stocks helped to support the markets.
9) Analysts will be closely tracking foreign funds which sold a record Rs 16,877 crore (net) worth of domestic stocks in August, leading to the recent selloff in Indian markets. In September, foreign funds have sold shares worth nearly Rs 4,000 crore.
10) Asian markets were trading weak today with Japan's Nikkei down over 1 per cent and China's Shanghai Composite fell 0.20 per cent.
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