Home / Business / Money / Nifty may open flat; eyes on PM’s meet with India Inc

Nifty may open flat; eyes on PM’s meet with India Inc

The US market was shut yesterday but the European equities ended higher, bucking the trend set in Asia, with shares of commodities trader.

The green tick on the SGX Nifty suggest a positive opening for our markets but Nifty is likely to open flat as Asia is trading weak.  Japan’s revised GDP shrinks an annualized 1.2 percent and China remains in focus as data shows that country’s foreign exchange reserves fell by USD 93.9 billion in August to USD 3.55 trillion. The SGX Nifty was up 39 points at 7596 at 7.40 am

Back home too the bears were all over Dalal Street with the Sensex falling to its lowest level in 15 months and Nifty dropped below 7,600.

The US market was shut yesterday but the European equities ended higher, bucking the trend set in Asia, with shares of commodities trader.

From other asset class, the dollar firmed against the yen and other currencies as equities stabilized. However, crude prices fell as a firmer dollar and global oversupply fears weighed on prices. Gold prices continued to trade around USD 1120 an ounce.

Back home, focus is on the Prime Minister’s meet with India Inc today. He will be taking stock of the current global economic turbulence. The who’s who of the industry including Mukesh Ambani, Cyrus Mistry among others likely to be in attendance.

From the telecom space, call drops could soon be burning the pockets of telecom companies, with the new TRAI chief RS Sharma saying that telcos must compensate customers for call drops. He dismisses lack of spectrum or towers as reasons for call drops.

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