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Morning cues: Nifty likely to continue trading flat

The Nifty is expected to continue trading flat with the SGX Nifty trading at 8391, down 3.50 points at 8:00 hrs.

The Nifty is expected to continue trading flat with the SGX Nifty trading at 8391, down 3.50 points at 8:00 hrs. The truncated week ended November 7 saw both Sensex and Nifty consolidate at higher levels even as benchmarks managed to close at record levels in two of the three trading sessions this week, building on last week’s momentum.

On a weekly basis, Sensex remained flat at 27868 levels while Nifty managed to churn out marginal 0.2 percent gains to close at 8337.

Globally, it was a flat closing on Wall Street with the Dow Jones and the S&P 500 managing record highs. The Nasdaq closed marginally in the red as unemployment declines to a six-year low but new jobs added miss street estimates.

It was a lacklustre session for Europe, barring the FTSE most other major indices closed in the red. Addition of fewer new jobs in the US and tensions surrounding Ukraine kept investors on the edge.

In Asia, investors also digested local media reports that Prime Minister Abe is considering calling a snap election if he delays a second sales tax hike.

In the currency space, the dollar hovered below a four-year peak, having lost a bit of altitude late last week after US jobs data fell short of expectations, prompting some investors to take profits on extremely long positions. The rupee is currently trading at 61.62, up 0.33 percent against the dollar.

In crude, Nymex crude rebounded marginally after the fall in unemployment in the US. Also, the head of the oil producing nations (OPEC), said there is no reason to panic over this recent drastic fall in crude prices. He added that it was speculation and not over-supply that triggered this fall in oil prices.

From precious metals space, gold settled more than 2 percent higher on Friday and posted its biggest one-day gain in nearly five months as a retreat in the US dollar and heavy short-covering lifted bullion.

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