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Nifty may extend gains Monday despite mixed global cues

The News International Team

The Indian equity market is likely to open trade on a marginally positive note with the SGX Nifty, an indicator of the market opening, trading at 8052, up 32 points at 7:50.

US stocks climbed on Friday, with Wall Street derailing a four-week slide with its best week this year, as quarterly results from companies including Microsoft and Procter & Gamble inspired investor enthusiasm.

In addition, the Federal Reserve will begin its 2-day policy meeting on Tuesday. The fed is expected to end its 3rd round of bond buying with investors eyeing clues on rate hike timings.

In Europe, concerns about the results of Europe’s bank stress tests and the first Ebola case in New York, weighed on investor sentiment ending the FTSE Friday’s session down around half a percent. Moreover, other core indices, CAC and DAX were down around seven tenths of a percent.

In the currency space, the euro held firm in early trade after the European Central Bank’s stress tests found smaller capital shortfalls among European banks than expected. Traders will be looking to Germany’s IFO business sentiment index due later today.

Onto commodities, Brent crude slipped below USD 86 a barrel amid abundant supply and weak demand.

And in metals space, gold edged lower as rallying equity markets and strong us economic data dented demand for the precious metal as an insurance against risk.

Back home, on Mahurat trading on Thursday, the Nifty re-conquered 8,000 mark, closing with a gain of around 19 points. Moreover, the Sensex added one-fourth of a percent to close above 26,850. ( Read more )

In earnings corner, Wipro  failed to surprise with its Q2 numbers. Its dollar revenues grew 1.8 percent; just a tad shy of estimates as margins dip more than expected. The company also forecasts a muted 2- 4 percent revenue growth in the Q3.

In key earnings today, HUL  will be reporting its numbers today. According to a CNBC-TV18 poll, sales growth may remain muted across most categories with 5 percent year on year volume growth. Margins are likely to see an improvement of 90 bps.

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