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Last Updated : Sep 02, 2015 09:07 AM IST | Source: Moneycontrol.com

Nifty likely to open in green; Asia opens mixed

Asian shares, meanwhile, opened mixed on Wednesday morning with Mainland shares leading losses, tracking offshore losses driven by persisting concerns over the health of China's economy.


The Nifty is likely to open in the green, with indicator SGX Nifty trading at 7808.00, up 18.50 points at 07:56 AM. This after global worries and lower than expected GDP and core sector data hit Dalal Street on Tuesday. Equity benchmark indices crashed more than 2 percent on fears of slowdown in China, the world's second largest economy. All sectors ended in the red with banks being worst hit.


The 30-share BSE Sensex crashed 586.65 points to 25,696.44 after hitting day's low of 25579.88 (down 703 points) on Tuesday. The 50-share NSE Nifty closed below the 7800-mark, losing 185.45 points to 7785.85 after seeing an intraday low of 7746.50.


Asian shares, meanwhile, opened mixed on Wednesday morning with Mainland shares leading losses, tracking offshore losses driven by persisting concerns over the health of China's economy.

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However, Japan's Nikkei 225 index managed to stage a rebound by mid-morning trade, probably inspired by the near 1 percent rises in the S&P 500 futures and Dow futures in early Asian trade.

South Korea's Kospi index edged down in early trade, but losses were capped as shares of automakers attracted hefty buy orders.


Stocks in the United States plummeted as continued signs of weakness in China and concerns about the Federal Reserve weighed heavily on investor sentiment on Tuesday. The major indices ended in correction territory, down nearly 3 percent in their third-largest daily decline for 2015.


On the data front, the August ISM Manufacturing Index fell to 51.1 from 52.7 in the previous month. This is the weakest read in over two years.


In Europe too,  stock markets ended sharply lower after new data on concerns about the outlook of the Chinese economy. Both Dermany's DAX and France's CAC closed about 2.6 percent lower. But from the three frontline indices, the FTSE was the underperformer with a cut of 3 percent.


Meanwhile, in the currency space, the dollar slipped against the yen and the euro as the fall in equity markets forced investors to unwind well established trades, sending the euro and safe-haven yen higher.


Crude prices declined sharply with Nymex crude sliding to 44 dollars a barrel. Also a report showed US crude stocks rose last week.


In the precious metals space, gold prices remained steady at around USD 1130 an ounce.



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First Published on Sep 2, 2015 07:59 am
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