Nifty likely to follow global cues, open in red

With most global markets closing down on Friday and with the market indicator SGX Nifty down 80 points at 7888, the Indian equity market too is likely to follow suit and open in red.In Asia too Taiwan and Korea have opened lower this morning, while Japan is shut today on account of respect for the aged day.Globally, the Fed uncertainty irked global investors; there was sell-off on Wall Street on Friday as the Dow plunged almost 300 points. European markets to tanked 1-3 percent on Friday. Treasury yields in US extended Thursday’s decline, with 10-year note yields around 2.13 percent. Meanwhile in Greece, voters return Alexis Tsipras to power with a strong mandate. A new government is expected to be formed within 3 days. Tsipras thanked his supporters and said that the hard work begins nowFrom the currency space, the dollar recovered from a three-week low in a late technical rally. The dollar index rose above the 95 mark. Llifting the mood of dollar bulls were comments from a top Fed policymaker John Williams, who said a rate hike this year is still likely given the decision to stand pat was a "close call".From other asset class, crude prices fell about 5 percent on Friday after US energy firms cut oil rigs for a third week in a row this week.Gold rose to a near three-week high on Friday as the Fed's decision to leave US interest rates unchanged rattled investors  and weighed on equity markets in developed economies.Back home too, market consensus feels India not immune to emerging market sell-off. According to Aakash Praksh of Amansa Capital India will do very well over next 3-5 years but adds that in the short-term if EMs get outflows, India will get sold. Rahul Chadha of Mirae too feels that we will see outflows because of EM rebalancing