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Nifty to open trade on strong note despite global weakness

Global markets, however, are a different story as the US stocks pared gains and closed lower despite concerns over China having been largely subsided while investors digested a number of economic data points.

The Indian equity market is likely to open the day on a strong note today. The SGX Nifty, an indicator of the market opening, is trading at 8423.5, up 20.50 points.

Dalal Street saw a rollercoaster ride as the markets end the day with marginal gains thanks to a late rally in bank stocks. Midcaps saw profit-booking with the rupee breaching the 65-mark against the dollar. 

Global markets, however, are a different story as the US stocks pared gains and closed lower despite concerns over China having been largely subsided while investors digested a number of economic data points.

Asian markets have opened lower tracking a lacklustre finish on Wall Street and a renewed decline in oil prices.

European equities closed higher, as investors eyed developments in Chinese yuan and Greece’s third bailout program.

In other asset classes, Nymex Crude fell 3 percent on concerns over a growing global glut. Gold too fell as the dollar strengthens on upbeat US economic data.

Back home, in key earnings to watch today,  Cipla and Hindalco will report numbers today. Cipla’s revenue is expected to rise 24 percent led by export formulations. Its other income is expected to lead profit growth by 47 percent. Overall performance on topline and EBITDA.

And all eyes will be on July WPI data. A CNBC-TV18 poll sees it at minus 2.76 percent due to lower commodity prices globally resulting in lower input costs. Core inflation is expected to decline for fifth straight month.

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