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Last Updated : May 31, 2016 08:16 AM IST | Source: Moneycontrol.com

Nifty may take a breather after 5-day rally; GDP data eyed

Asian stocks were trading higher with China leading the pack. European markets closed higher Monday amid low volumes. Germany's DAX index hit a one-month high, helped by data that showed German import prices in April fell 6.6 percent year-on-year.


Moneycontrol Bureau

The Indian market is likely to take a breather and consolidate at open Tuesday, following a five-day rally which saw the Nifty testing the 8200 mark intraday and ending at the highest level in last 8 months. In Singapore, SGX Nifty was trading 18.00 points up at 8,213.50 in early trade.


All eyes are now on the GDP data for fourth quarter and FY16 to be released today. For Q4, growth is estimated at 7.3 percent with agriculture sector likely to pick up and manufacturing unable to sustain at 12 percent levels.


Among other markets, Asian stocks were trading higher with China leading the pack. The Shanghai Composite gained 0.84 percent while Hong Kong's Hang Seng was up 0.38 percent.  Japan's Nikkei 225 was also marginally up.  

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Markets in US and UK were closed for a public holiday. London's FTSE 100 was closed due to a public holiday and.


European markets, however, closed higher Monday amid low volumes. Germany's DAX index hit a one-month high, helped by data that showed German import prices in April fell 6.6 percent year-on-year, while the French CAC 40 closed 0.3 percent higher after the country’s economy grew by 0.6 percent in the first quarter, above estimates


In currency markets, the US dollar reached a two-month high against a basket of currencies and a one-month high against the Yen after US Fed comments.


Among other asset classes, oil prices inched up toward USD 50 a barrel again, although uncertainty ahead of an OPEC producer-group meeting later in the week was expected to cap gains. The OPEC meets in Vienna on Thursday and most analysts do not expect any changes in the group's production.


Gold attempted a rebound but fell below USD 1,200 for the first time since mid-February, as the US dollar soared.  



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First Published on May 31, 2016 07:51 am
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