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Global cues mixed; Nifty expected to open above 8700

Globally, US stocks closed narrowly mixed, with stocks near recent highs, as lackluster economic data and oil concerns weighed on investor sentiment.

The Indian equity market is expected to open in the green today, above the 8700 mark with the SGX Nifty trading at 8775, up 30 points at 7:20.

Expiry day jitters took their toll as the Nifty slumped below 8700 with major indices losing 3 percent in February series.

Globally, US stocks closed narrowly mixed, with stocks near recent highs, as lackluster economic data and oil concerns weighed on investor sentiment.

Asian markets are mixed in morning trade as the Japanese index continues its march higher. For the month the Nikkei is up 6.5 percent and today it is holding with mild gains.

European equities gained as investors reacted to a raft of corporate earnings and fresh economic data.

Among the other asset classes, the dollar rose to a one-month high against a basket of currencies as US inflation & business orders supported bets the Federal Reserve will raise interest rates in the middle of the year.

Nymex Crude slipped over 5 percent yesterday to USD 48 and Brent too slipped marginally to USD 61.

And precious metal gold rose to USD 1210 an ounce.

Back home, the government will release its annual flagship document today. The economic survey will address the new GDP formula and shed more light on the fiscal consolidation roadmap.

Economists expect the 3.6 percent deficit target to be retained.

Furthermore, the government has approved a new method to select PSU bank chiefs. For the first time, non-governmental candidates with minimum of 15 years experience can apply. Top jobs at 5 state-run banks are up for grabs.

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