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Global mkts in red; Nifty fall likely to continue

The SGX Nifty, an indicator of the market opening, was trading at 8017, down 18 points at 7:50.

The News International Team

A day after the Indian equity market suffers its worst intra-day fall since July 8, the Nifty is expected to open flat with a marginal weak bias.

The SGX Nifty, an indicator of the market opening,  was trading at 8017, down 18 points at 7:50.

BSE benchmark index-Sensex tumbled below the 27,000 mark while the Nifty shed nearly 130 points on Tuesday.

Globally, the US markets closed in the red on global growth concerns with the S&P 500 and Nasdaq closing at five-week lows. European market too saw cuts of 1-2 percent and Asian equities are tracking global losses trading negative in morning trade.

In other asset classes, the dollar held close to a four-year peak against a basket of major currencies, underpinned by safe-haven buying. Brent crude hovered around USD 96 per barrel even as data showed the industry data showed an unexpected fall in US crude stockpiles last week.

And precious metal gold moved higher as the dollar eased after comments from a New York Federal Reserve’s official that any increase in interest rates should be done cautiously, while US air strikes added to global tension and hence safe-asset demand.

Back home, the fate of hundreds of coal blocks will be decided today. The Supreme Court will deliver its verdict in the coal block allocation scam at around 2:00 pm.

Expectations continue to soar as Prime Minister Narendra Modi gets ready to leave for the Unites States. India Inc is hoping for a new chapter in the relationship as Modi is slated to meet CEOs of nearly 20 top US companies including Google, IBM, Pepsi, Boeing, GE and Citigroup.

And the big news hogging the limelight today is the Indian Mars orbiter Mangalyaan that has entered the orbit of Mars today. India is only the fourth country to do so and the first one to do it in its maiden attempt.

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