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Nifty to start with negative bias, tracking global markets

Indian indices are expected to start with a negative bias, following weakness in overnight US and Asian markets this morning, as the after-effects of oil’s Monday sell-off continued to linger and traders stayed cautious ahead of Federal Reserve’s crucial rate-setting meeting next week.

TheNewsInternational Team

Indian indices are expected to start with a negative bias, following weakness in overnight US and Asian markets this morning, as the after-effects of oil’s Monday sell-off continued to linger and traders stayed cautious ahead of Federal Reserve’s crucial rate-setting meeting next week.

At the time of writing, the SGX Nifty in Singapore is trading 31 points, or 0.4 percent lower, to 7,688.

Overnight, US stocks closed mostly lower but off session lows while key Asian markets were in the red despite better-than-expected machinery orders data in Japan. Markets are also awaiting the release of CPI data in China.

In other asset classes, the US dollar has slipped marginally crude prices recovered a bit following Monday’s sharp decline while gold rose marginally.

Closer home, a number of stocks will be in focus, including Havells, which will reportedly dilute stake in overseas subsidiary Sylvania, BHEL, in which the government yesterday said there were no plans for divestment, and Indian Oil and Oil India, which may together pick up Rosneft’s 20 percent stake in Taas-Yuryakh.

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