1 Oct, 2014 (9:03AM IST)
Indian markets are in a very interesting position today. Rupee has fallen to nearly 62. Despite two big losing sessions in the Indian currency, Indian markets are holding on to their current range.
I watch these emerging markets more closely on major policy days from the Fed or the ECB since these markets are moved by FIIs and their movement might indicate what the global market-mood is.
Will Indian market ignore rupee’s fall again, or, will we see a trading pattern in Indian equities similar to INR’s trading pattern?
That will become clear only in the initial hour of trading in these markets.
Indian markets had a very choppy session yesterday during and after the RBI’s meeting, but markets climbed down to close almost flat after a day of big drama of going up and falling down and going up again.
Today, expect Indian markets to trade in this week’s range and remain choppy on global cues. This is the last session in Indian markets before closing for a 5-day long holiday string (till October 06).
That will add to the volatility as most of the trades will prefer to take their money off the table before the closing ring today.
Expect a highly volatile session in Indian markets today. Global cues will decide intra day trend in these markets.
Good luck, enjoy the session, have fun in markets today.
See you later.