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SGX Nifty indicates flat open for Indian equities

Indian shares will likely be off to a flat start following mixed trade in Asia, and after Wall Street closed marginally higher overnight.

SGX Nifty indicates flat open for Indian equities

TheNewsInternational Team

Indian shares will likely be off to a flat start following mixed trade in Asia, and after Wall Street closed marginally higher overnight.

At the time of writing, the SGX Nifty in Singapore was trading 3 points, or 0.04 percent, lower to 7,696.

The Nifty bounced back yesterday following a six day decline but traders will be cautious to take extreme positions either side of the trade as the market heads into next week, where the Federal Reserve will decide whether it wants to hike US interest rates for the first time in over nine years.

Closer home, political developments will also be in focus as political wrangling continues even as analysts await the passage of the GST bill. If the bill is not passed in the Winter Session, which ends in about 10 days, chances of its April 1, 2016, rollout will be all but gone.

In other asset classes, the US dollar rose from one-month lows, crude prices remained under pressure while gold remained largely unchanged.

In stocks in news, cement companies will be in focus as the Competition Appellate Tribunal is expected to deliver its verdict in an anti-trust case involving Ambuja, UltraTech, JK and India Cements. Maruti Suzuki said it would hike prices of its vehicles by up to Rs 20,000 from January to offset rising costs, while Sharon Biotech said the US FDA had carried out inspection at its Taloja, Navi Mumbai, plant, the outcome of which is awaited.

From the primary market, IPOs of both Alkem Labs and Dr Lal Pathlabs were subscribed 44 and 33 times respectively, till yesterday evening.

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