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Market cues to give you a head start on Monday

The News International Team

The Indian equity market is likely to open the week on a flat note with a negative bias. The SGX Nifty, an indicator of the market opening, was trading at 8027.50, down five points, at 7:40.

In the US, stocks rose on Friday, lifting the S&P 500 to another record finish, as investors welcomed a better-than-expected read on US consumer confidence and bypassed geopolitical worries. However, US markets will be shut today on account of labour day.

In Europe, stocks closed mostly flat on Friday, after the UK raised the odds of a terrorist attack on its soil to “severe” from “substantial”.

In the currency space, euro slipped to a fresh one-year low early as the situation in Ukraine worsened. Meanwhile, pressure on the euro helped the dollar index reach a high not seen in over 13 months.

In commodities, Brent crude oil rose to 103 dollars after reports indicate Russian troops had entered Ukraine in support of pro-Moscow rebels, intensifying a separatist war.

Back home, the Nifty closed at an all-time high of 7954 on Thursday while the 30-share BSE Sensex climbed 77.96 points to 26638.11. ( Read more )

Detailing the government’s 100-day report card, the Finance Minister said that inflation is in check. He was also confident that fiscal deficit target is achievable and that the rollout of GST is his top priority.

In addition, growth engines are firing once again as growth for the first quarter of this fiscal came in at 5.7 percent . This is the highest in over 9 quarters. Manufacturing, mining and electricity growth have picked up considerably.

In key event to watch today, the Supreme Court will decide what to do with captive coal blocks, having deemed more than 200 allocations made since 1993 to be illegal. While writing their order, one of the biggest questions before chief justice R M Lodha and his fellow judges will relate to the 40-odd blocks where mining has already started.

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