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Global mkts enjoy Santa rally; flat Nifty opening seen

Wall Street enjoyed a “Santa rally,” as investors cheered data showing the US economy expanded in Q3 by the most in 11 years. The Dow closed above 18,000 but the Nasdaq fell, snapping a four-session winning streak, as biotechnology names weighed.

The News International Team

The Indian equity market is likely to open on a flat, albeit positive, note today. The SGX Nifty, an indicator of the market opening, was trading at 8272, up 1 point at 7:25 am.

The Sensex shed nearly 200 points and the Nifty tumbled below 8,300 in a volatile session on Tuesday. Today’s trade is likely to be volatile owing to the Futures and Options expiry.

Meanwhile, Wall Street enjoyed a “Santa rally,” as investors cheered data showing the US economy expanded in Q3 by the most in 11 years. The Dow closed above 18,000 but the Nasdaq fell, snapping a four-session winning streak, as biotechnology names weighed.

European and Asian markets were trading significantly in the green drawn on by a strong US economic engine with Japan’s Nikkei up over a percent.

In other asset classes, the dollar hovered at its highest in nine years after stunningly strong US economic growth. The dollar index hit 90 for the first time in nine years, up more than 12 percent in 2014.

In commodities, Brent Crude rose above USD 61 per barrel.

Back home, the Birlas are on a shopping spree as UltraTech buys JP Group’s cement plant in Madhya Pradesh for Rs 5,400 crore. This is the second acquisition by UltraTech from JP Group.

And the Coal Mines Bill fails to get the Rajya Sabha nod and the government is gearing up to re-promulgate the Coal Ordinance. Sources say a decision is expected as early as today to facilitate the upcoming coal block auctions. 

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