Global cues positive; Nifty likely to take a breather today

The Indian equity market is likely to open flat today after a day of closing at a fresh record high. The SGX Nifty, an indicator of the market opening, was trading at 7898.00, down 15 points.Global cues are positive as the US markets extended gains on optimism that the Federal Reserve will keep rates lower for longer. The S&P 500 is less than half a percent from its all-time high. All eyes are now on the upcoming Jackson Hole symposium and the minutes of the July FOMC meet to be released today. European shares closed in the green on Tuesday as Ukraine worries eased and companies posted robust earnings. Asian markets, meanwhile, were trading mixed over higher-than-expected Japan trade deficit and despite gains from the US markets.

In other asset classes, the dollar hit nine-month highs against the euro and rose against a basket of major currencies. Nymex crude rose marginally towards USD 95 on a deeper-than-expected petroleum stock fall. However, brent crude is still trading below 102 dollars. And precious gold traded below USD 1300 dollars an ounce on buoyant global equities and as the dollar strengthened. Back home, the losses from the sale of diesel is set to be wiped out by the end of September. Government sources have said that Oil Marketing Companies (OMCs) may get the freedom to fix diesel prices similar to petrol but a price cap is yet to be fixed.

In corporate action, HDFC Bank has been crowned as the top Indian brand by the Brand Z survey conducted by Millward Brown and WPP but Aditya Puri has said the bank's global dreams can wait. He has also said the opportunity in India remains vast.