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Global cues positive; green Nifty opening seen

Global cues are positive with the US markets ending higher with the Dow and S&P 500 closing at record highs.

The Indian equity market is likely to open flat today with the SGX Nifty trading at 8465.50, down 8.50 points. The market saw a choppy session on Tuesday that saw both Sensex and Nifty close flat with a negative bias after hitting fresh intra-day record levels in early trades. The BSE Sensex closed at 28,163 down 0.05 percent and the Nifty closed 0.06 percent lower at 8,426 levels.

Global cues, meanwhile, are positive with the US markets ending higher with the Dow and S&P 500 closing at record highs. European market too closed with gains on upbeat data from Germany. Asian markets too are reflecting the positivity trading in the green.

In other asset classes, the yen hovered at multi-year lows against the dollar and euro as the market cautiously waited to see what the bank of Japan would say about the country’s slide into recession.

Brent crude trades below USD 79 dollars per barrel as traders looked toward Saudi Arabia and OPEC for fresh leads on whether the cartel will cut production when it meets later this month.

From the precious metals space, gold gained 1 percent in trade yesterday as the dollar softened against the euro partly due to better-than-expected German economic data currently trading with marginal losses.

Back home, a crucial Sebi Board meet will be taking place today that has 22 items on the agenda. Issues on the agenda include stricter norms for insider trading, simplifying the delisting guidelines and imposing restrictions on willful defaulters.

Furthermore, after more than five months, Coal India’s wait for a chairman may soon be over, The Public Enterprises Selection Board proposes the name of 1985 batch IAS office Sutirtha Bhattacharya to head the PSU behemoth.

And sugar stocks will be in focus in trade today as the PMO meets today to discuss the subsidy for sugar exports at Rs 3,371 per tonne. The government is also mulling incentives for increasing ethanol production.

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