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Morning cues: Flat Nifty opening seen, Q4 earnings key

Global cues, meanwhile, are flat with Wall Street investors focusing on earnings. European markets closed lower with investor sentiment curbed by a mixed bag of earnings reports and the further deterioration of Greece’s economic outlook.

A day after bears prevailed on the Deal Street, the Indian equity market is likely to open flat with a slight negative bias. The SGX Nifty, an indicator of the market opening was trading at 8704.00, down 7 points.

The 50-share NSE Nifty managed to get back above the 8700-mark in late trade Thursday, down 43.50 points to 8706.70. The 30-share BSE Sensex fell 133.65 points to 28666.04.

Global cues, meanwhile, are flat with Wall Street investors focusing on earnings. European markets closed lower with investor sentiment curbed by a mixed bag of earnings reports and the further deterioration of Greece’s economic outlook.

Asian trade too is weak in morning with Japan’s Nikkei at a 1-week low.

In other asset classes, the dollar tumbled after comments from Federal Reserve officials and weak US data pushed out expectations for the first fed rate hike.

Crude prices, meanwhile, were at 2015 highs following Yemen conflict. Brent crude rose above USD 63 per barrel.

Precious metal gold prices traded around USD 1200 an ounce  amid softer dollar and weak data on US industrial production.

Earnings Central

IT major TCS did not post any stellar earnings. The company missed expectations with dollar revenues declining by about a percent. The company handed out bonuses to employees worth over USD 2,600 crore.

Reliance Industries will be reporting its fourth quarter numbers today. The company is set to deliver its best ever quarterly earnings with profits seen at Rs 6000 crore on a standalone basis. Gross refining margins (GRMs) are set to surge to 2-year high of USD 9.9 per barrel.

Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.

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