Moneycontrol Bureau
The market may see a relatively quiet August Futures and Options (F&O) expiry today. Previously, the Nifty ended at fresh 2016 high in both June & July expiry. Midcap outperformance is likely to continue for another day. Meanwhile, global markets are awaiting cues from Janet Yellen's speech on Friday.
On Wednesday, the 30-share BSE Sensex was up 69.73 points at 28059.94 and the 50-share NSE Nifty gained 17.70 points at 8650.30.
The Met department has downgraded its monsoon forecast, stating that India will receive normal rainfall over the monsoon season, not surplus as previously expected.
Among global peers, Asian stocks slipped, taking their cue from an overnight drop on Wall Street, while the dollar marked time ahead of Friday's speech by Federal Reserve Chair Janet Yellen at the global central bankers' meeting.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.3 percent.
Australian stocks fell 0.1 percent, South Korea's Kospi shed 0.2 percent and Japan's Nikkei nudged down 0.3 percent.
Wall Street retreated, pulled lower by weakness in the materials and healthcare sectors, with the Dow losing 0.4 percent and S&P 500 falling 0.5 percent.
Recent hawkish comments from some Fed officials, including Vice Chairman Stanley Fischer, have raised expectations that Yellen might signal a hike in September.
Dollar held steady led by uncertainty ahead of a meeting of central bankers at Jackson Hole. Crude dropped to a one-week low after a government report showed that US crude inventories unexpectedly rose last week. Meanwhile Iran’s oil ministry said the country hasn't yet decided whether to join informal OPEC talks next month in Algiers.
Gold prices slipped to a 4-week low as investors seemed to move from the sidelines ahead of a speech by Federal Reserve Chair Janet Yellen this weekend.
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