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Last Updated : Aug 10, 2015 09:10 AM IST | Source: Moneycontrol.com

Global mkts on negative footing; Nifty likely to follow

Global cues are unlikely to provide any support to the Indian market with the Asian markets starting the week on the backfoot, tracking weakness in US and Europe.


The Indian equity market is expected to open on a negative footing today. The SGX Nifty, an indicator of the market opening, is trading at 8564, down 35 points at 7:30.


Global cues are unlikely to provide any support to the Indian market with the  Asian markets starting the week on the backfoot, tracking weakness in US and Europe.

US stocks closed last week slightly lower as news of an activist stake in American Express offset some of the pressure from oil's decline, following an in-line nonfarm payrolls report. The US economy added 215,000 new jobs in July, versus expectations of a 223,000 increase.


European markets too finished Friday in the red with investors digesting the latest official US jobs report.

In other asset classes, the dollar remained firm near its four-month high against major currencies and Nymex Crude fell below USD 44 mark for the first time since march on concerns of a growing surplus in fuel supply.

Back home, weakness in Jaguar Land Rover pulled down Tata Motors' Q1 earnings. Its consolidated profit fell to 49 percent due to higher depreciation and forex loss. JLR's margins came down 390 bps year-on-year (YoY).

The Bombay High Court has given the government till October 30 to pass a final order in the FTIL-NSEL merger drama, but indicated it is losing its patience after MCA alleges FTIL is trying bury the process under a mountain of paperwork.

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And world's technology major Foxconn has signed a Memorandum of Understanding (MoU) with the Maharashtra government to set up a manufacturing facility with an investment of USD 5 billion over the next five years. Foxconn's chairman Terry Gou told CNBC-TV18 that the phase I will be focused on 'Make In India' and that second phase will focused on Skill India.



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First Published on Aug 10, 2015 07:45 am
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