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Nifty likely to open flat as global mkt volatility rises

Nifty, on Tuesday, closed above the 7800 level gaining nearly half a percent. Sensex gained over 100 points in the trade yesterday.

Nifty is likely to have a subdued opening on Wednesday morning on back of global uncertainty and no positive push. Nifty, on Tuesday, closed above the 7800 level gaining nearly half a percent. Sensex gained over 100 points in the trade yesterday.

The SGX Nifty was trading at 7821 level down 27 points at 7:42 AM today.

Despite the global volatility, Arvind Panagariya, Vice Chairman of Niti Aayog is confident that India will meet its 7-8 percent gross domestic product (GDP) target in current fiscal. Speaking to CNBC-TV18, he said the government might do away with its 5-year plan and instead opt for a 3-year plan for public sector.

The Seventh Pay Commission is likely to submit its report to the Finance Minister by Thursday. Sources say that pay hikes for central government employees may be frugal as Centre has told the Commission that its fiscal room is limited.

The Asian markets were trading in green today. Nikkei ended higher with the yen holding its 123 mark. Most of the investors will be eyeing the Bank of Japan’s two-day meeting, which starts today.

In US, stocks closed mixed with slight support from some earning reports that offset pressure from decline in oil prices. On the economic data front, the October’s industrial production declined for second month with a 0.2 percent drop.

In the European market, all major frontline indices gained more than 2 percent.

On currency front, the dollar gained on expectations of Federal Reserve raising interest rates next month.

In commodities, gold fell more than 1 percent to the lowest price in nearly six years pressured by strengthening dollar.

Crude prices, on the other hand, stabalised after falling over two percent overnight ion oversupply concerns.

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