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Global cues mixed; Nifty may open in red today

Globally, US Fed chairman Janet Yellen made a mild departure from her ultra dovish stance at Jackson Hole saying the economy is getting closer to the central bank’s goals on full employment and stable inflation. Wall Street ended mixed while the dollar is back at 11-month high.

The Indian equity market is likely to open marginally in the red with the SGX Nifty trading at 7916 at 7:45. The bulls were firmly in control on Dalal Street on Friday with the benchmark index ending above 7,900 for the first time after hitting record highs in intra-day trade.

Globally, US Fed chairman Janet Yellen maked a mild departure from her ultra dovish stance at Jackson Hole saying the economy is getting closer to the central bank’s  goals on full employment and stable inflation. Wall Street ended mixed while the dollar is back at 11-month high.

Asian markets were trading mixed on flattish US lead and over Ukraine woes. The Nikkei is higher as the yen breached the 104 level and is currently sitting at 6-month lows.

In other asset classes, the euro fell to its lowest in nearly a year against a broadly firmer dollar after comments from the head of the European Central Bank raised prospects of more policy easing.

Brent crude, meanwhile, was under pressure on a strong dollar and plentiful supplies. It is currently below USD 112.

Back home, Finance Minister, Arun Jaitley is likely to hold a review meet on goods and services taxes (GST) today. Sources have indicated that the meet could examine states’ demands on Constitutional Amendment Bill.

Meanwhile, power and steel companies will be in focus today as the Supreme Court is all set to pronounce its verdict on the coal block allocation today. The three-judge bench headed by Chief Justice Lodha, had reserved the verdict in January but said that huge investments was not a ground for not canceling licenses to private companies.

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