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Global mkts in red; negativity to infect Nifty too

Global cues, meanwhile, are in the negative with Wall Street failing to extend a rally in global market. Its major indices closed down more than 1 percent.

The Indian equity market is expected to open in the red today with the SGX Nifty, an indicator of the market opening, trading at 7736, 86 points lower at 7:40.

The Dalal Street saw strong gains on Wednesday with the Nifty reclaiming 7,800 mark. The Sensex was up 401.71 points or 1.6 percent at 25719.58 and the Nifty gained 130.35 points or 1.7 percent at 7818.60.

Global cues, meanwhile, are in the negative with Wall Street failing to extend a rally in global market. Its major indices closed down more than 1 percent.

European equities lost some steam by closing time, but finished solidly higher yesterday on hopes of further stimulus measures in China and Japan.

Asian shares too declined in early trade on Thursday, as investors reacted to China consumer price index (CPI) data. The country’s inflation rose 2 percent in August from a year earlier, beating expectations for a 1.8 percent gain and up from 1.6 percent in July.

In other asset classes, the dollar held steady  ahead of US Federal Reserve’s next policy statement on September 17 for clues on the timing of a US interest rate rise.

Oil prices slumped, as concerns remained over the combination of an oversupply in production and weakening demand growth and gold prices slipped towards USD 1100 an ounce as stock markets strengthened and the dollar continued to remain firm.

Back home, Maggi will be back by the end of this year, said Nestle India’s managing director Suresh Narayanan. He plans to ramp up ad spends to resurrect the brand.

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