Markets to open positive tracking strong global cues

Indian markets recovered in the afternoon session post three straight downbeats. Benchmark indices hit marginal gains amid short covering where Nifty retained 8600 mark. Media, Auto, Infra and Metal sector drove the move. Midcap closed in line while Smallcap remained flat.
 
European markets ended lower in the wake of FED meet that strengthened possibility of interest rate hike in the year 2016. DAX tumbled 0.41%, and the CAC-40 declined 0.4%.
 
On the contrary US markets bounced back where the Banking and Finance stocks gained the most in the backdrop of an interest rate hike. Moreover, the monthly consumer spending data was out, which has risen consecutively for the fourth straight month in July. Dow Jones & S&P500 rose 0.58 and 0.52 per cent respectively; while Nasdaq closed a little higher by 0.26 per cent.
 
Asian markets opened higher where Hang Seng recovered and is trading up with 0.5 per cent gains. Shanghai Composite too opened higher but is trading flat to positive. Nikkei stands subdued after consecutive upbeats in the previous sessions. Australia’s S&P/ASX 200 is 0.45 per cent up; while New Zealand’s S&P/NZX 50 is 0.23 per cent up. South Korea’s KOSPI is 0.79 per cent up.
 
SGX Nifty is trading marginally up at 8681 levels. Tracking positive closing in US markets and buoyant Asian bourses we expect markets to open on a positive note and remain positive throughout.