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Global cues positive; Nifty Xmas party likely to continue

Globally, US markets ended higher leading the Dow and the S&P 500 to record finishes. European markets too closed with gains with the sentiment boosted by a rebound in the Russian ruble . Asian markets, too are positive in early trade.

The News International Team

A day after the bulls spread Christmas cheer on Dalal Street, the Nifty is likely to see yet another opening in the green. The SGX Nifty, an indicator of the market opening, was trading at 8367.50, up 32.50 points at 7:25 am.

The market gained significantly on Monday with the Sensex rallying over 300 points and the Nifty regaining 8300 mark as late rally lifted sentiment.

Globally, US markets ended higher leading the Dow and the S&P 500 to record finishes. European markets too closed with gains with the sentiment boosted by a rebound in the Russian ruble. Asian markets, too are positive in early trade.

In other asset classes, crude prices declined, with Brent Crude down 2 percent to USD 60 per barrel after Saudi Arabia’s Oil Minister said OPEC would not cut production at any price.

In the currency space, the dollar held firm, having risen to its highest level in nearly nine years against a basket of major currencies, driven in part by persistent weakness in the euro and a fresh fall in the yen.

And gold slipped below USD 1180 an ounce and silver slid 3 percent after US existing home sales fell to a six-month low, and as oil prices eased back.

Back home, the fate of the crucial Insurance Bill hangs in the balance as ruckus in Rajya Sabha stalled the bill on the penultimate day. The government is mulling extending the session, saying the ordinance route is still on the table.

And strapped for cash, SpiceJet has submited a fresh revival plan to the aviation ministry. Former promoter Ajay Singh says it could take 2 to 3 weeks for a deal to materialise.

Furthermore, the Reserve Bank of India has stepped on the gas in its fight against bad loans. The central bank has empowered to term a borrower who defaults despite having the ability to pay as “non-cooperative”.

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