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Global cues negative; negative Nifty opening seen today

The US markets dropped more than a percent with the Dow Jones down 250 points as the economic growth slowed sharply in the fourth quarter.

The Indian equity market is expected to open in the red today followed by a negative handover from the US market.  The SGX Nifty, an indicator of the market opening, was trading at 8819.50, down 59.50 points.

The US markets dropped more than a percent with the Dow Jones down 250 points as the economic growth slowed sharply in the fourth quarter.

Asian markets are negative in morning trade. European markets closed lower on Friday, with investors reacting to earnings, the euro zone inflation and unemployment reports.

In other asset classes, the dollar was steady against a basket of major currencies. The dollar index was above 94. Meanwhile, US treasury prices jumped on Friday with long-term yield hitting record lows after poor GDP data. 

In commodities, oil prices declined after a sharp rally on Friday where Nymex had surged 8 percent as unions called a strike at US oil and chemical plants on the weekend, cutting some of the gains made late last week.
 
And precious metal gold rose over 2 percent to USD 1280 an ounce.

Back home, the government raked in over Rs 22500 crore rupees as Coal India’s  stake sale saw strong investor appetite. The government exercised the greenshoe option and offloaded the entire 10 percent stake thanks to strong participation from foreign and retail investors.

And the government has decided to adopt fiscal year 2011-2012 as the new base for calculating GDP growth. Growth in FY14 zooms to 6.9 percent against the earlier estimate of 4.7 percent. The fiscal deficit targets are also set to ease significantly.

Furthermore, in what is a body blow for telecom companies— the Supreme Court has upheald the telecom tribunal’s order in a differential tariff case dating back to 2008. It says private telecoms cannot discriminate against customers of BSNL and MTNL. Teleco companies levied higher charges for calls to BSNL and MTNL in select circles

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