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Positive Nifty opening likely; Infosys Q4 results key

Global market cues, meanwhile, are mixed with the US markets closing near highs as investors cheered corporate earnings reports.

The News International Team

The Indian equity market is expected to open in the green today after seeing a choppy session on Thursday. The Sensex was down 155.11 points or 0.6 percent at 27735.02 and the Nifty slipped 31.40 points or 0.4 percent at 8398.30.

The SGX Nifty, an indicator of the market opening, was trading at 8414, up 22.50 points at 7:20.

Global market cues, meanwhile, are mixed with the US markets closing near highs as investors cheered corporate earnings reports. Europe ended mostly lower as uncertainty over a “Grexit” is back on the radar as it prepares for a meeting with the Eurogroup. And Asian markets are mixed in morning trade.

In other asset classes, the dollar failed against most other major currencies while the euro rose on waning fears of a Greek default.

In commodities, Nymex Crude rose above USD 57 per barrel. Tensions in Yemen heightened concerns about the security of West Asia oil supplies.

And precious metal gold held steady around USD 1190 levels following weakness in dollar.

Back home, index heavyweight Infosys will be reporting its Q4 numbers today. According to a CNBC-TV18 poll, dollar revenue growth may rise 0.3 percent. The constant currency growth is seen at 2-2.5 percent and FY16 revenue guidance is expected at 9-11 percent in constant currency.

Cairn India will be in focus today after the company reported a net loss of Rs 241 crore on a sequential basis. Margins slid to 27 percent led by higher write offs. 

Furthermore, RBI has stepped in to tackle the agrarian crisis. The central bank has mandated banks to issue 8 percent of their loans to small and marginal farmers.

Additionally, the RBI has tightened the rules on banks to declare a borrower as “wilful defaulter”.  Banks will now have to refer each case to a committee before taking the final call, but new rules don’t apply to promoters.

And the government is confident of pushing ahead with the goods and services tax (GST). Sources say the Centre may initiate a discussion in the parliament today on the constitutional amendment to the GST. The bill is likely to be ratified by the lawmakers by April 27.

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