Indian indices may open lower; 2 central bank policy meet loom
Indian indices may take cues from the global data and open lower today. SGX Nifty closed down 30 points at 8739.50.
Markets in Asia opened lower on Thursday, following a mixed finish in the US as oil prices dropped further and uncertainty lingered over key central bank policy meetings next week.
Japan’s Nikkei 225 slipped 0.66 percent, while the Topix index fell 0.65 percent. In Australia, the ASX 200 was down 0.25 percent at 5,214.40, with most sectors lower. The energy sector sold off 2.02 percent in early trade, with oil plays tumbling more than 1 percent each.
Markets in China, Taiwan and South Korea were closed for public holidays on Thursday.
US stocks closed mostly lower on Wednesday, with energy weighing, as oil prices fell sharply despite bullish inventories data. The Dow Jones industrial average closed about 30 points lower, erasing earlier gains, with IBM contributing the most losses. At session highs, the Dow had risen 96.73 points. The S&P 500 fell less than 0.1 percent, as energy dropped more than 1 percent.
Oil prices fell about 2 percent on Wednesday as data showing large weekly builds in US petroleum products offset a surprise draw in crude stockpiles.
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The US Energy Information Administration reported that crude inventories fell 559,000 barrels during the week ended September 9. Analysts had expected a build of 3.8 million barrels.
Indian ADRs ended mostly higher on Wednesday. In the banking space, ICICI Bank was up 0.16 percent at USD 8.05 and HDFC Bank fell 0.16 percent at USD 70.65.
In the IT space, Infosys shed 0.11 percent at USD 15.95 and Wipro added 0.02 percent at USD 9.75.
In the other sectors, Tata Motors gained 0.3 percent at USD 41.86 and Dr Reddy’s Laboratories was up 0.42 percent at USD 46.96.