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Mkt may rescale 8500 at open tracking global cues

Indian equities may off to a firm start Tuesday, after stocks in the US closed higher and as Asian markets opened up in the green.

TheNewsInternational Team

Indian equities may off to a firm start Tuesday, after stocks in the US closed higher and as Asian markets opened up in the green.

In Singapore, the SGX Nifty was up 0.2 percent to 8,502.

In Wall Street, strong housing data supported equities as investors purchased recently battered shares. In Asia, barring Shanghai, most key indexes were trading higher.

Among other asset classes, the US dollar was up against a basket of major currencies, crude continued to trade lower following continuing slowdown concerns in China while gold held steady.

China’s slowdown was further underscored by ace Morgan Stanley analyst Ruchir Sharma, who, in a Wall Street Journal editorial, argued it could lead to a global recession.

In local equities, telecom stocks may be in focus as concerns over the issue of increasing call drops continue and as operators continue to insist lack of space to install towers is hurting services.

Other stocks that will be in focus include coffee stocks (such as CCL Products and Tata Coffee ) where the government is mulling allowing 100 percent FDI, Eicher Motors , which announced a direct distribution arm in North America, and Religare Finance, whose NBFC certification was among seven cancelled by the RBI.

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