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Nifty may rebound at open following 6-day losing streak

Indian shares may open marginally in the green Thursday, after a six-day losing streak saw the benchmark off shave 4.3 percent, and even as other global equities are trading soft.

Nifty may rebound at open following 6-day losing streak

TheNewsInternational Team

Indian shares may open marginally in the green Thursday, after a six-day losing streak saw the benchmark off shave 4.3 percent, and even as other global equities are trading soft.

At the time of writing, the SGX Nifty was trading 0.11 percent, or 8.5 points, higher to 7,655.

Globally, Wall Street finished lower while Asian markets too are trading weak, as traders kept their positions light going into next week’s crucial Federal Reserve meeting.

This was despite a minor rebound in crude prices from multi-year lows, and even as the US dollar fell somewhat against major currencies.

Locally, uncertainty over whether the key GST bill will be passed in Parliament this session lingered amid political bickering between the ruling BJP and opposition Congress parties.

In stocks in news, SBI is likely to sell 15 percent in leading bourse NSE, which may fetch it about Rs 2,500 crore, according to reports; Devi Shetty’s Narayana Healthcare is holding a meeting to discuss IPO prospects; V-Guard Industries said it would set up a manufacturing unit for voltage stabilizers at Sikkim; Tata Motors global wholesale numbers were up 8 percent; while Aurobindo Pharma got US FDA approval for oral contraceptive levonorgestrel tablets.

There were a couple of Cabinet decisions yesterday, which may bring in focus certain sectors: such as the move to approve the Real Estate Bill, mandating use jute in packaging for certain products and certain steps the Cabinet took to promote the shipbuilding industry.

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