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Budget Session to begin today; positive Nifty opening seen

Global cues are positive with the Wall Street having closed at record highs after Greece got yet another lifeline as the Euro-group agreed to extend the bailout package by four months, contingent on reform measures by Greece.

The Indian equity market is expected to open in the green today with the SGX Nifty trading at 8853.50, up 10 points, at 7:20 am.

Global cues are positive with the Wall Street having closed at record highs after Greece got yet another lifeline as the Euro-group agreed to extend the bailout package by four months, contingent on reform measures by Greece.

Asian markets are positive in morning trade but volumes are low with China, Taiwan markets being closed for the Chinese New Year holiday.

In other asset classes, the euro held steady, rising initially in relief following a conditional loan extension deal for Greece, but losing steam as caution towards the debt saga persisted.

Nymex crude futures dropped as Libya resumed oil exports from the eastern port of Zuei-Tina thereby adding to the global glut. Brent crude hovered around USD 60 dollars per barrel.

Precious metal gold’s prices fell towards USD 1200 an ounce after euro ministers and Greek officials reached an agreement to extend Greece’s financial rescue by four months.

Back home, the Budget Session of Parliament will start today. President Pranab Mukherjee will be addressing the joint session of the parliament. Prime Minister Narendra Modi appealed for cooperation from the opposition.

Furthermore, the equity market will be open on the Budget day on Saturday.

In some index revisions DLF and Jindal Steel and power are out of Nifty as part of a periodic review. Idea Cellular and YES Bank will now take their place. These changes will become effective from March 27.

And the first round of coal block e-auction ended with some aggressive bidding. Reports indicate that the government has mopped up over Rs 1 lakh crore from the auctions so far.

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