Opening Bell: Cues to know before Monday trade begins

August WPI inflation data is due today. A CNBC-TV18 poll sees it coming in a tad higher at 5.8 percent versus 5.79 percent last month.

For our own markets, Friday was a volatile session on Dalal Street. Both major benchmark indices saw wild swings during the day before ending with marginal losses. But we wrapped up a solid week for equities as the Nifty gained over 3 percent led mostly by banks. Dow Futures surged over 1 percent as Larry Summers - largely considered to be the front runner for the job of Fed Reserve president withdrew his name from the race. US markets ended the week near session highs ahead of the Federal Reserve’s policy meeting starting tomorrow. The Dow posted its second biggest weekly gain this year and the European markets closed flat. Meanwhile, Asian markets kick started the week on a winning note. Currency The dollar slid to 81 levels to hit a four week low after Summer's exit from the race for Fed president. The euro retreated a tad after jumping to 1.33/USD and the yen trades at 99.3/USD. Commodities Brent prices slipped towards USD110/barrel after the US and Russian foreign ministers agreed to push for a conference to end Syria’s civil war. Nymex hovered at USD107.5/barrel. From precious metals space, gold fell to a five-week low on Friday, heading for its weakest week in two months on prospects the United States would curb its stimulus soon. Watch for OMCs in trade today, contrary to expectations of a petrol price cut, petrol prices have instead been hiked by Rs 1.63 a litre, effective midnight on Friday night. Oil marketing companies blame high crude oil prices and a depreciating rupee. US US stock futures surged after Larry Summers withdrew his name from consideration for Federal Reserve chairman. Summers is perceived by markets as relatively hawkish and his decision could leave Janet Yellen, a well known policy dove, as the front runner for the top job. President Barrack Obama has accepted Summers' withdrawal. Dow Futures jumped more than 150 points in Sunday evening trading. Futures on the 10-year treasury note climbed more than a point, indicating a sharp decline in yields On the economic data front, the University Of Michigan's preliminary consumer sentiment reading fell to 76.8 in September. That compares to the final august figure of 82.1. Economists were expecting a reading of 82. Retail sales rose 0.2 percent in August. That compares to a revised gain of 0.4 percent in July. The August numbers is the lowest in four months and is below expectations. The slowdown is expected to temper speculation that the Fed will cut its bond-buying programme. The Fed Reserve will begin its two day policy meet tomorrow with a decision on tapering expected on the second day. Europe European markets closed flat on the back of caution ahead of the Fed meeting. The CAC and the DAX saw marginal gains while the FTSE closed with a marginal downtick.