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Nifty may open flat; MM, Grasim in focus

Stocks in US closed narrowly mixed following a choppy day of trading with the Dow recovering from a triple-digit loss.

With the SGX Nifty around 7.30 am on Thursday morning trading 14.50 points down at 8667 and US markets yesterday closing flat as investors continued to monitor negotiations between Greece and its euro zone creditors, the Nifty is likely to open flat.

The Indian equity market remained higher in trade for the second consecutive session with the 50-share NSE Nifty closing above 8600 level, led by bank stocks again.

Stocks in US closed narrowly mixed following a choppy day of trading with the Dow recovering from a triple-digit loss. In stocks, Apple closed up more than 2 percent, boosting the Nasdaq as the top performing major index. The company now has a record market cap of more than USD 700 billion.

Europe closed in the red, while Asia was mixed in morning trade with Japan up nearly 2 percent as dollar-yen hit a near six-week high.

Greece’s finance minister is expected to unveil new reform proposals to make up for the ones that the New Greek government wants to scrap

Athex finished down around 4 percent. In stocks, Thomas Cook shares closed down 5.5 percent after the leisure tourism group reported tougher trading conditions in Europe in the first quarter.

In the currency space – euro declines led by a barrage of conflicting headlines that left investors no clearer on whether Greece may yet secure a new debt agreement with its European lenders.

In other asset classes, Brent crude slipped to USD 55 per barrel pressured by an industry report saying US crude stocks rose from a record high.

Meanwhile, from precious metals space,  gold prices slipped to USD 1220 an ounce.  

Back home, some of the stocks that could be in focus are Mahindra and Mahindra, Grasim, Power Grid and Voltas.

Reports suggest M&M will  buy 25-30% in Pipavav Defence. With regards to Grasim there is news of proposed acquisition of ABCL in a swap ratio of 1:16, subject to requisite approvals. Meanwhile Power Grid and Voltas both delievered good set of numbers.

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