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Morning cues: Nifty likely to open in green ahead of expiry

Global investors have never been more bullish about India – that’s the overwhelming opinion of market watchers and corporate honchos from New York ahead of the Prime Minister’s visit this week.

The Indian market on Wednesday closed marginally in the red with the Nifty holding the  8,000 mark. The SGX Nifty, however, indicated a positive opening, moving around 8030, up close to 19 points at around 8:00 hrs.

The 30-share BSE Sensex shed as much as 215.7 points intraday, before closing at 26744.69, down 31 points. Meanwhile, the broader markets continued to see huge selling pressure with the BSE Midcap and Smallcap indices falling 1.2 percent and 1.6 percent, respectively.

Global investors have never been more bullish about India – that’s the overwhelming opinion of market watchers and corporate honchos from New York ahead of the Prime Minister’s visit this week.

Over 70 percent of Indians say business houses have become a source of hope since the 2008 financial crisis. But the first ever CNBC-Burson-Marsteller corporate perception indicator shows that while 49 percent of Indians feel companies don’t pay fair taxes, 56 percent of Indian business leaders beg to differ.

After the successful launch of Mangalyaan, PM Modi launches his ambitious ‘Make in India’ project to compete with manufacturing hubs like China.

US markets rebound after a three-day slump as new-home sales climbed to a six-year high. Europe too ends in the green. Shares closed up after wavering throughout the day, as weak economic data from Germany fueled European Central Bank stimulus hopes.

Asia also joins the rally with Japan’s nikkei up nearly a percent.

In the currency space – the euro languishes near a 14-month trough after slipping below 1.27 to the dollar. Dollar index breaks above 85 for the first time since July 2010.

In commodities, Brent crude continues to trade around USD 96 per barrel. It fell to USD 95 per barrel, it’s weakest since July 2012, before rebounding modestly.

Back home, India is now home to 100 billionaires. According to the latest Forbes list – Mukesh Ambani retains the top spot followed by Sun Pharma founder Dilip Shanghvi whose fortune rose to 18 billion dollars – and moving up one notch to number 3 is Azim Premji with a net worth of 16.4 billion.

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