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Nifty likely to open in red, Asia opens weak

Asian markets too are trading lower following a weak US handover. The Japanese economy grew less than previously thought in the final quarter of 2014.

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The Nifty is likely to open in red with indicator SGX Nifty trading at 8895.50, down 93.50 points. The Indian markets were shut on Friday on account of Holi.

Asian markets too are trading lower following a weak US handover. The Japanese economy grew less than previously thought in the final quarter of 2014. GDP grew an annualized 1.5 percent in the October-December period, down from an initial reading of 2.2 percent in February, which still showed Japan emerging out of recession.

In the US, stocks closed down more than 1 percent on Friday as investors weighed jobs report that indicated an interest rate hike could come sooner rather than later. February’s non-farm jobs report showed a gain of 295,000, above expectations of 240,000 in February, down from 257,000 in January. The unemployment rate fell to 5.5 percent, while hourly wages ticked up 0.1 percent.

The US 10-year treasury note yield rose to 2.25 percent.

European markets too reacted to the US jobs data, resulting in equities closing missed on Friday.

In the currency space, the dollar rose to a fresh 11-year high against a basket of major currencies on expectations of a interest rate hike sooner rather than later. In commodities, Nymex crude traded below 50 dollars per barrel while Brent stood at sub-60 dollars.

From precious metals space, gold had its worst day since December 2013 on Friday again on the back of data coming out of the US. Currently gold trades at around 1170 dollars an ounce.

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