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Global cues mixed, but green Nifty opening seen

The Greek government has said the Euro-group has only two options when it meets today, to either accept or reject offer made.

The Indian equity market is likely to open in the green today with the SGX Nifty trading at 8929, up 4 points.

Global markets, however, are mixed over Germany’s rejection of Greece’s request for an extension to its loan agreement with its creditors weighing in on sentiment. The Greek government has said the Euro-group has only two options when it meets today, to either accept or reject offer made.

US stocks closed narrowly mixed after the S&P 500 touched a new intraday record, amid lower oil prices and Germany’s rejection of the Greece loan extension plan.

Meanwhile in Europe, markets managed to hold on to their modest gains despite news on the Greece loan extension. The FTSE ended in the red while CAC and DAX ended in the green.

Nikkei is sitting at fresh 15-year high yet again boosted by a weaker currency as the yen is moving towards the 119 mark.

Trading volumes in Asia will be thin for the second day due to market closures in China, Hong Kong, South Korea, Singapore, Taiwan and Malaysia.

In other asset classes, the dollar recovered on Thursday from the previous session’s losses. Precious metal traded flat on the dollar rebound and latest standoff over Greece’s bailout. Brent crude was trading at USD 60 barrels over news that US oil stockpiles increased by 7.7 million barrels last week.

Back home, the competition watchdog waved the green flag to Ajay Singh’s plans to acquire majority stake in SpiceJet. Speaking exclusively to CNBC-TV18 Singh says first tranche of Rs 400 crore will come in next week and the second tranche by the end of March.

And big ticket deals were seen on the second day of the Aero India Air Show. The Kalyani group inked a joint venture with Israel’s Rafael, the first major joint venture after the government hiked defence FDI limit to 49 percent also wins a multi-year contract from Boeing.

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