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Market Review

US:

US markets were closed on Monday on account of Labour Day.

Asia:

Most markets in Asia were trading higher on Tuesday after South Korea's inflation reading for August declined to over three-year low, which raised expectation of monetary easing in the country.

India:

The benchmark stock indices recorded their best closing on Monday, with the NSE Nifty 50 extending gains for the 13th consecutive session—its longest run in decades—and the S&P BSE Sensex rising for the 10th consecutive session. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy:

Italy's economy grew by 0.2% in the second quarter from the previous three months, national statistics bureau ISTAT said on Monday, confirming a preliminary estimate. On a year-on-year basis, second quarter gross domestic product was confirmed at 0.9%.In January-March, the economy had grown by 0.3% on a quarterly basis and by 0.6% from the previous year. Between April and June services supported growth, whereas both industry and agriculture showed a decrease in output, according to ISTAT. The GDP growth in the second quarter was mainly supported by inventory changes and, to a minor extent by domestic demand, offset by negative net exports. Turkey's economy grew less than expected in the second quarter, expanding an annual 2.5% in the face of a year-long monetary tightening campaign, data showed on Monday. Second-quarter gross domestic product grew 0.1% from the previous quarter on a seasonally and calendar-adjusted basis, Turkish Statistical Institute data showed, avoiding an expected contraction.

Commodities:

Brent oil prices slid in Asian trade on Tuesday as concern about a sluggish economy in China bringing down demand outweighed the impact of a blockade of oil production facilities in Libya. Gold prices edged down by 0.1% in early Asian trading hours, with investors eyeing U.S. economic data for indications on the Federal Reserve's impending interest rate cuts.

Currency:

The rupee declined 3 paise to 83.88 against the US dollar amid fluctuating crude oil prices. Positive domestic equities, foreign fund inflow, and a weak greenback limited the fall.

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