Global cues positive, but Nifty likely to open in red today

The Indian equity market is expected to open in the negative territory today with the SGX Nifty trading at 8578, down 15 points at 7:30.

Global cues, meanwhile, are positive with the US stocks closing off session highs as a renewed decline in oil and disappointment on Disney earnings pressured stocks.

European equities too closed higher following a slew of positive data and earnings, led by French bank Societe Generale which rallied 8 percent after reporting earnings that beat expectations.

Closer home, Asian stocks rose in early trade, tracking modest gains in the US. Japan's Nikkei traded over a two-week high, as the Bank of Japan kicked off its monthly two-day policy meeting. In commodities, Brent crude slips below 50 dollars per barrel.

In the currency asset class, the dollar traded with little changes as data showed the US services sector expanded at its fastest pace in 10 years, supporting the view the US Federal Reserve would raise interest rates in September.

Crude prices were at fresh 5-month lows after a surge in US gasoline stockpiles while precious metal gold remained under pressure on expectations of a September US rate hike.

Back home, the Finance Minister called on states to revive power distribution companies as they seek yet another lifeline. The Power Ministry is mulling extending repayment moratorium to 5 years and slashing the interest rate on loans.

And in a bid to revive BSNL, the cabinet has decided to hive off about 65,000 towers into a separate entity. BSNL and MTNL will also get over Rs 600 crore as compensation for CDMA spectrum.

From earnings corner, It company Cognizant beat all its peers with its quarterly earnings. The company's profits and revenues beat estimates with its margin on target. The company has revised its guidance upwards for the second straight quarter.