Global mkts in green; positivity to rub off on Nifty today

Indian equity markets are expected to open on a strong note today with the SGX Nifty, an indicator of the market opening, trading at 8549, up 24 points. The market started the week by shedding more than 1 percent in a late sell off with the Nifty breaking 8500-mark intraday before showing some recovery at end.

The 30-share BSE Sensex fell 134.67 points to close at 28101.72. The 50-share NSE Nifty hit an intraday low of 8497.80, before closing at 8525.60, down 39 points. However, the BSE Midcap outperformed benchmarks, ending flat.

Positive global cues will keep the market afloat with the Asian markets gaining following a positive lead from the Wall Street. The US market ended higher with the Dow Jones snapping a 7-day losing streak.

In other asset classes, a rebound in gold and crude oil prices also helped to risk appetite. Gold rose above USD 1100 dollars an ounce. Brent crude was trading above the USD 50 per barrel range.

Back home, the Parliament remained paralysed and the Land Bill report will miss the monsoon deadline. It will now be tabled in the Winter Session, but government sources say there is enough flexibility within the 2013 land law to enable private projects to be set up without "consent" if government owns the land.

And hope is in the air for the Goods and Services Tax (GST). Sources say the Constitutional amendment to facilitate GST could be listed for discussion and passage in the Rajya Sabha.

In important earnings, State Bank of India and Sun Pharma will be reporting numbers today. SBI profit may slow down to single digits and the street will watch for slippage trend and 5 by 25 restructuring this quarter.

Meanwhile, expectations for Sun Pharma have been toned down after the guidance released in July. The revenue is seen up 1.7 percent to Rs 6,262 crore quarter -on-quarter (QoQ).