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Last Updated : Jun 08, 2015 09:21 AM IST | Source: Moneycontrol.com

Global cues negative; gap down opening seen on Nifty

The US markets ended in the red, partly on the back of the US jobs data and partly by the back and forth in Greece over a reforms deal.


The Indian equity market is expected to open in the red today after seeing a choppy trade last week. The SGX Nifty, an indicator of the market opening, was trading at 8093.50, down 15.50 points.

The 30-share BSE Sensex fell 44.93 points to 26768.49 on Friday and the 50-share NSE Nifty declined 15.95 points to 8114.70.


Meanwhile, the US markets ended in the red, partly on the back of the US jobs data and partly by the back and forth in Greece over a reforms deal. The German DAX and the French CAC lost more than a percent each. The British FTSE down eight tenths of a percent. The German ten-year bond yield rose sharply to 0.85 percent.

Asian markets opened mixed, with investors reacting to key economic data from the region's second-largest economy. Japan's revised first-quarter gross domestic product (GDP) expanded 3.9 percent, much higher than the preliminary reading of a 2.4 percent increase.

In other asset classes, crude oil prices fell in early Asian trade on Monday as markets were expected to be increasingly oversupplied following OPEC's decision last Friday to keep its production targets unchanged.

The US dollar rallied to a 13-year peak against the yen and rose sharply against the euro after data showed US job growth accelerated in May, bolstering the case for an interest rate hike as early as September.


And precious metal gold hit an 11-week low on Friday, heading for a third straight weekly slide, as the dollar extended its gains.

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Back home, the economy is on the right track, but corporate earnings will pick up only by the fourth quarter of this fiscal, says Uday Kotak.


Kotak has also urged the government to raise the foreign investment limit in Kotak Mahindra Bank to 55 percent.


And in a surprise announcement, the two joint chief executives of deutsche bank Anshu Jain and Jur-Gen Fits-Chen are to step down after regulatory and legal problems. They will be replaced by John Cryan.



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First Published on Jun 8, 2015 07:36 am
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