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Nifty to open sharply higher on back of positive global cues

With most of the word markets closing strong and the market indicator SGX Nifty up over 100-points at 7.30 am, the Indian equity market is also likely to open strong.

Yesterday too, the market cheering the Budget had closed with biggest single day gain in nearly seven years. The Sensex zoomed nearly 800-points and Nifty slamming a double-century as it reconquered 7,200.

Stocks in US kicked off with their best start to a month in more than three years. The major indices closed more than 2 percent higher, helped by a rise in oil prices and a better-than-expected ISM manufacturing report

From the data, February ISM manufacturing came in at 49.5, about 1 point above expectations and topping January’s 48.2 print.. Construction spending rose 1.5 percent in january to its highest level since 2007

In Europe too markets closed higher, the FTSE 100 hit a near two-month high, France’s CAC ended 1.2 percent higher, while Germany’s DAX, finished up 2.3 percent.

On the currency front, the dollar rebounds against the yen and hit one-month highs against the euro after strong u-s manufacturing data supports views of higher u.s. Interest rates.

From the other asset classes, crude prices declined after API data showed a bigger than expected rise in inventory. Crude inventories rose by 9.9 million barrels in the week to February 26 to 517.1 million barrels

Gold paredome of its gains as the dollar and global equity markets rose on better-than-expected US data.

Back home, stocks that could be in focus today are ABG Shipyard, which is in talk with Vietnam based Masan Group for a strategic investment, TVS Motors on back of strong February sales. IRB Infra on back of Rs 10,500 crore order win that got cancelled, ITC and BHEL – the company bagged Rs 5600 crore order for 1600 MW supercritical power project in Tamil Nadu.

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