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Nifty to open in green despite negative global cues

Globally, US markets fell for the fifth day with the S&P 500 closing below 2,000 for the first time in a month. Asian markets too are trading in the red tracking Wall Street losses with the Japanese Nikkei down almost 2 percent.

A day after rate cut sparked a bumper rally on Dalal Street, the market is expected to open trade today with a positive bias. The SGX Nifty, an indicator of the market opening was trading at 8523, up 58.50 points.

The Sensex gave a 700-point salute to the central bank’s surprise repo rate cut, scaling 28,000 mark.

Globally, US markets fell for the fifth day with the S&P 500 closing below 2,000 for the first time in a month. Asian markets too are trading in the red tracking Wall Street losses with the Japanese Nikkei down almost 2 percent.

In other asset classes, Nymex Crude reversed early gains to drop over 4 percent to USD 46 dollars per barrel. Euro hovered above 11-year low as investors bet the Swiss move to abandon its currency cap meant it was almost certain the European Central Bank would launch large-scale bond buying next week.Gold prices, however, jumped to a four-month high.

In other corporate action, Kalanithi Maran ended his tumultuous journey with SpiceJet with the airline’s co-founder Ajay Singh makeing a comeback to steer the company. Maran will transfer ownership, management and control of SpiceJet to Singh, subject to approvals.

And from earnings central, Reliance Industries’ net profit is seen at Rs 5000 crore versus Rs 5742 crore quarter-on-quarter. The gross refining margins (GRMs) are seen between USD 7.5-7.8 per barrel. The company’s petchem will be hurt by inventory losses, lower sales.

And from the IT space, Wipro may see a muted dollar revenue growth at USD 1785 million. The Q4FY15 guidance seen at 1-3 percent or 2-4 percent.

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