Home / Business / Money / Global cues mixed, but Nifty likely to open in green today

Global cues mixed, but Nifty likely to open in green today

Global cues, meanwhile, are mixed with the Wall Street pulling back from Friday’s records to close narrowly mixed on Monday ahead of Fed Chair Janet Yellen’s remarks over the next two days.

After volatility haunted Dalal Street the Indian equity market is expected to open in the green. The SGX Nifty, an indicator of the market opening, was trading at 8760, up 14 points at 7:20am.

Global cues, meanwhile, are mixed with the Wall Street pulling back from Friday’s records to close narrowly mixed on Monday ahead of Fed Chair Janet Yellen’s remarks over the next two days.

European equities though finished higher on Monday, after touching a seven-year high, as investors cheered a deal to extend Greece’s bailout programme by four months.

Asian indices too rallied early Tuesday, shaking off earlier cautious sentiment following a mixed finish on Wall Street.

In other asset classes, the dollar held steady against the yen ahead of congressional testimony by Federal Reserve Chair Janet Yellen.

Nymex crude prices held steady sub USD 50 per barrel while Brent Crude trades below USD 60 per barrel.

And precious metal gold prices were largely unchanged at USD 1200 per ounce.

Back home, the Budget session is expected to be a stormy one as the government is likely to go ahead and table the Land Acquisition Ordinance despite protests from opposition parties and Anna Hazare.

Furthermore, the Housing-For-All scheme is set to get a major push in the Union Budget. The government may hike home loan rebate by over 50 percent to over Rs 3 lakh and one can expect more tax incentives.

Also in what comes as a relief for the government, the Supreme Court has allowed spectrum auctions to go ahead as planned but the contention of top telecom companies over licence extension remains open.

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