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Global cues lift market sentiments; Nifty likely to open flat

Moneycontrol Bureau

After a volatile last week, Nifty is likely to open flat on Monday morning. Strong global cues boosted Sensex nearly 500 points in Friday’s trade and Nifty also regained the 7400 level.

SGX Nifty was trading at 7446 level, up 19 points at 7:40 AM today.

On the earnings front, ITC disappointed with profit and sales coming below expectations while Spicejet continued its growth streak by clocking profits for fourth consecutive quarter. On Monday, private lender HDFC Bank is expected to report a stable set of numbers with expectations of 20 percent profit growth.

In Asian markets, Nikkei shed one percent gain after rally nearly six percent on Friday. Japan’s December exports fell for third straight month.

In US, recovery in oil and expectations of stimulus in Europe, stocks closed higher on Friday. In Europe also the stocks rallied on back of recovery in oil and Central Bank’s indication of further monetary easing as early as March dollar firms.

In commodities, crude rose nearly nine percent on Friday as investors took the opportunity of lowest price to close out some profitable bets on price declines. It is currently trading above USD 32 per barrel.

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