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Nifty likely to follow Asian peers, open in green

Seoul’s Kospi opened 4 points, or 0.19 percent, higher at 1,994. In a volatile morning session, the ASX 200 too is back in the positive territory, gaining a near 10-point, or 0.16 percent, rising to 5,265, after opening in red

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The Nifty is likely to open in the green, with indicator SGX Nifty trading at 7875, up 24 points. The market on Friday gave up gains as bulls ran out of steam in late trade — major indices ended with marginal gains, but midcaps outperformed.

Asian markets too opened in green on Monday, following a rally on Wall Street last week as investors continued to look out for comments from central bankers on the trajectory of US monetary policy.

Seoul’s Kospi opened 4 points, or 0.19 percent, higher at 1,994. In a volatile morning session, the ASX 200 too is back in the positive territory, gaining a near 10-point, or 0.16 percent, rising to 5,265, after opening in red.

The S&P 500 index logged its best weekly gain in nearly a year. Meanwhile speculation is on that there could be an interest rate hike by the US Federal Reserve on Monday, not in the actual Fed funds rate but in the so-called discount rate. The Fed has called for an expedited meeting later on Monday.

European markets too ended near three-month highs on Friday, with traders reacting to comments from central bankers in the euro zone and the US. The ECB’s chief economist, Peter Praet, signalled that further stimulus measures could be possible, while the central bank’s president Mario Draghi struck a dovish tone in a speech he delivered on Friday.

In the currency space, the euro fell against the dollar after two days of gains.

Nymex is under pressure as worries about large domestic oil stockpiles pressured market’s spot contract ahead of expiry in the commodities space.

Meanwhile, gold too slipped on firm dollar and comments from a Fed policy maker who said the US central bank should “soon” be ready to raise interest rates.

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