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Global cues robust; Nifty to open in green today

Globally, US stocks ended higher after encouraging reports from Greece sent the S&P 500 to a record. Greece intends to ask for an extension of its loan agreement with the euro zone today.

The Indian equity market is expected to open in the green today buoyed by positive global sentiment. The SGX Nifty, an indicator of the market opening, was trading at 8846, up 6.50 points at 7:20am.

Globally, US stocks ended higher after encouraging reports from Greece sent the S&P 500 to a record. Greece intends to ask for an extension of its loan agreement with the euro zone today.

Meanwhile, European stocks closed mixed as fears over Greece’s debt problems continued to make investors nervous.

Asian markets, however, are smartly in the green with the Nikkei surging to new eight-year highs as the yen weakened to 119.1. Trading volumes in Asia will be light ahead of the Lunar New Year holiday. Singapore, Malaysia markets will be open for half a day while China, Taiwan and South Korea will be shut today.

In other asset classes, the euro rebounded helped by a bounce in German investor sentiment.

In commodities, Brent Crude hit a 2015 high of USD 63 per barrel in trade on Tuesday. It is currently trading at around USD 62 per barrel.

And precious metals gold and silver fell to six-week lows, while platinum fell to the lowest since 2009, on signs that Greek banks will continue to get emergency funding despite a breakdown in debt talks between their government and euro zone partners.

Back home, the strong appetite for coal blocks continues with JP Power winning the Amelia North mine in Madhya Pradesh. Balco won the Chotia coal block situated in Chattisgarh.

Furthermore, renewable energy will not take the back-seat anymore said Power Minister Piyush Goyal adding that the Centre has received commitments to generate 78,000 megawatts of renewable energy. Finance Minister Arun Jaitley too hinted at a big push for the same in the upcoming Budget.

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