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Global cues negative; Nifty likely to follow trend

Today will be an important trading day as market are expected to react to a host of important cues after a stellar four-day winning streak last week that pulled the Nifty close to its all time high.

The Indian equity market is likely to open on a marginally weak note today with the SGX Nifty trading at 7791.50, down 6 points.

Today will be an important trading day as market are expected to react to a host of important cues after a stellar four-day winning streak last week that pulled the Nifty close to its all-time high.

Prime Minister Narendra Modi revealed his vision for India in his maiden Independence Day speech with some important announcements. The Planning Commission will make way for a new national think tank and Modi also put greater financial inclusion, emphasis on manufacturing and better broadband connectivity high on his priority list.

Global cues, meanwhile, are negative as the Wall Street turned volatile on Friday as geopolitical tensions rose . The S&P 500 managed to pare losses and close flat and Asia is mixed in morning trade.

In other asset classes the US dollar, euro and yen were little changed as heightened tensions in Ukraine drove global bond yields to fresh lows. Brent crude prices, meanwhile, eased following gains in the previous session, dragged lower by signs of increased supply from Libya.

And precious metal gold extended losses into a second session, slipping below USD 1,300 an ounce on technical selling and as equities recovered after an initial sell-off over geopolitical concerns. 

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