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Global cues negative; Nifty likely to follow suit

Global markets are in the red with US stocks seeing sharp losses on the back of weak economic data and disappointing corporate earnings. European markets ended in the red and Asian markets too are negative following the US handover.

After having breached the 8900 mark on the upside on Tuesday, the Nifty is expected to open today on a flat, albeit slightly negative note. The SGX Nifty, an indicator of the market opening was trading at 8914, down 3.5 points.

Global markets are in the red with US stocks seeing sharp losses on the back of weak economic data and disappointing corporate earnings. European markets ended in the red and Asian markets too are negative following the US handover.

In other asset classes, the dollar stepped back from its 11-year highs against a basket of currencies after soft spending data and some disappointing earnings casting doubts about the underlying optimism on the US economic outlook.

Nymex crude futures fell over 1.5 percent towards USD 45 per barrel after data showed US crude stocks surged by nearly 13 million barrels last week .

And precious metal gold edged higher after two sessions of losses, as the dollar eased ahead of a US Federal Reserve policy meeting.

Back home, telecom major Idea Cellular reported a good set of numbers. The company’s revenues jumped almost 6 percent to Rs 8017 crores. The profits, however, remained muted despite higher margins due to a big jump in depreciation. Meanwhile, Titan’s third quarter results came in-line with expectations.

Furthermore, Spicejet’s Rs 1,500 crore treatment plan begins with Ajay Singh injecting Rs 100 crore. Singh will inject another Rs 400 crore by February 15 along with Rs 370 crore from the former promoters Marans. However, there’s no clarity on an open offer to minority shareholders.

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