Marketbuzz Podcast with Vivek Iyer: Sensex and Nifty 50 set to open flat

Indian equity benchmarks — Sensex and Nifty 50 — are set to open little changed on August 17, tracking a weakness in Asian peers on worries over China's economy and Wall Street on interest rate concerns.

India's GIFT Nifty on the NSE International Exchange was down 0.07 percent at 19,398.50 at 7:54 am.

The Indian markets yesterday displayed remarkable resilience given the market saw a very sharp recovery in the second half of the trading session. Metal stocks, however, underperformed as the rising dollar index weighed in. Banking stocks too saw selling pressure.

In the overnight session, US markets saw significant selling pressure on the back of FOMC minutes that indicate further rate hikes cannot be ruled out. The NASDAQ bore the brunt of the selling pressure, and ended over a percent lower in yesterday's trading session. This morning, US futures too indicated further downside pressure.

Meanwhile, European markets closed mixed.

Crude oil prices continue to see selling pressure for the fourth trade session today on the back of weakening data from China as well as further rate hike pressure from the US.