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Global cues positive; Nifty’s QE party likely to continue

The Indian equity market is expected to open significantly in the green today with the SGX Nifty, an indicator of the market opening, trading at 8852, up 35.50 points at 7:20 am.

The market continued to tread on its road to riches with Sensex and Nifty logging seven days of unbroken winning streak on Friday. From last week, Nifty rallied 332 points to close at 8,836 and Sensex added 1167 points to close at 29,279 levels, Nifty closed at record levels yet again on Friday.

Global cues are positive with the US markets ending with modest gains as investors braced for the FOMC meeting that will begin today.

European markets closed higher, despite opening the session lower, as investors digested news that anti-austerity party Syriza won a general election in Greece on Sunday.

Asian markets too are in the green, hitting fresh highs buoyed by a relatively inspiring handover from Wall Street overnight.

In other asset classes, the euro held onto modest gains, bouncing off an 11-year low as investors decided to take profits on extremely bearish positions. The rouble weakened as Standard & Poor’s cut Russia’s sovereign credit rating to junk status, bringing it below investment grade for the first time in a decade.

Nymex crude is steady above USD 45 per barrel after a three-session fall that dragged prices to near their lowest level in almost six years

And precious metal gold fell 1 percent on Monday to USD 1270 an ounce as traders cashed in gains that took the metal to five-month highs last week.

Back home, US President Barack Obama’s India trip will end today with him signing off with a town-hall meeting. Addressing the Indo-US CEO summit yesterday, Obama said the US-India economic relationship is defined by untapped potential. He announced USD 4 billion dollars in India- investment & lending deals.

And from earnings corner, Maruti-Suzuki is expected to report strong numbers this quarter. According to a CNBC-TV18 poll, the revenues may rise 13 percent while profits may jump almost 30 percent to Rs 875 crores. Telecom major Idea Cellular so idea will be reporting numbers today.

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