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Nifty likely to open flat with negative bias, Asia mixed

Asian equity markets traded mixed on Tuesday as tensions over Ukraine took the shine off Wall Street’s overnight gains. China’s Shanghai Composite was flat at 2,228.22. Hong Kong’s Hang Seng was flat at 25,168.92.

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The Nifty is likely to open flat with a slight negative bias. Indicator SGX Nifty was trading at 7914, down 3 percent. Equity benchmarks failed to sustain record highs in late trade on Monday. The 30-share Sensex rallied as much as 211 points intraday to hit a record high of 26630.74 but could not sustain the same, up 17.47 points to close at 26437.02. The 50-share NSE Nifty managed to hold the 7900 level, down 6.90 points to 7906.30 after hitting an all-time high of 7,968.25. The broader markets underperformed with the BSE Midcap and Smallcap indices falling 0.4-0.6 percent.

Asian equity markets traded mixed on Tuesday as tensions over Ukraine took the shine off Wall Street’s overnight gains. China’s Shanghai Composite was flat at 2,228.22. Hong Kong’s Hang Seng was flat at 25,168.92.

Japan’s Nikkei shed 0.40 percent or 62.02 points at 15,551.23. South Korea’s Seoul Composite was up 0.38 percent or 7.84 points at 2,068.73.

Singapore’s Straits Times was flat at 3,332.45. Taiwan’s Taiwan Weighted was flat at 9,397.21.

Globally, S&P 500 finally hit 2000 intraday but closed just shy of the psychological mark. Europe had a stellar rally with major indices up nearly two percent on hopes of further easing. Shares closed higher, boosted by hopes of further monetary steps to boost the economy. The German DAX and French CAC closed with around 2 percent gains. Meanwhile, the UK’s FTSE was closed for a bank holiday.

In the currency space, the euro stayed on the back foot, having extended its decline. Meanwhile, weakness in the euro helped the dollar index, which remained close to its September 2013 peak of 82.671.

In commodities, brent crude prices rose as support from geopolitical tensions in Ukraine and Libya countered ample supplies and anticipated weak demand.

From precious metals space, gold prices slipped below USD 1280 an ounces following strength in the dollar.

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