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Global cues positive; Nifty likely to see gap up opening

Global cues, meanwhile, are positive with the US market ending higher with the S&P 500 rallying its second best week in nearly two years.

The News International Team

The Indian equity market is likely to open in the green with SGX Nifty, an indicator of the market opening, trading at 8249, up 16.50 points at 7:35 am.

The Nifty saw a significant pullback last week aided by global cues. The Nifty got past 8200 level and the Sensex added more than 200 points (in addition to 416 pts gains in previous session) on Friday.

Global cues, meanwhile, are positive with the US market ending higher with the S&P 500 rallying its second best week in nearly two years. European shares closed mixed on Friday, with Italian banking stocks and the healthcare sector weighing on wider benchmarks.

Asian stocks, meanwhile, are in the green over a bounce in oil markets and over gains seen on the Wall Street.

In other asset classes, the dollar index continues to show strength with Nymex Crude bouncing back to USD 57 per barrel.

Brent Crude bounced higher as selling pressure from a six-month price rout eased helped by fresh buying in the US Crude before the expiry of the front-month contract.

And from the precious metals space, gold was soft below USD 1200 dollars an ounce, as the dollar is firm and investor appetite for risk increases on expectations of rising US interest rates.  

Back home, the government tabled the Constitutional Amendment Bill for GST in the Lok Sabha. Finance Minister Arun Jaitley has reassured states and said that their concerns have been accommodated and no state will lose money. He has added that the Centre will compensate states for the initial losses.

And a panel of secretaries have told CNBC-TV18 that touching the 8 percent growth mark is a tall ask unless manufacturing picks up. They have added that the pessimism regarding exports is unwarranted.

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