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Last Updated : May 30, 2016 07:52 AM IST | Source: Moneycontrol.com

Nifty rally may continue; Fed rate comment breaks oil gains

Asian markets were mixed in early trade. The Nikkei 225 was up by 0.58 percent, while the Shanghai Composite (down 0.88 percent) led the Hang Seng lower (down 0.34 percent).


After a strong comeback last week, the bulls may well continue to call the shots on Dalal Street as indicated by the SGX Nifty, trading 47.00 points up at around 8,217.00 early Monday.


Asian markets were mixed in early trade. The Nikkei 225 was up by 0.58 percent, while the Shanghai Composite (down 0.88 percent) led the Hang Seng lower (down 0.34 percent).  


US stocks closed higher on Friday, posting a solid week of gains on back of the commentary coming in from the Fed chair Janet Yellen saying an interest rate hike is "probably" appropriate if economic data improves.

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European stocks eked out gains on Friday amid a decline in oil prices. Sectors closed mixed, with energy, autos and miners leading the declines.


The US and UK markets will remain shut on Monday on account of public holiday.


In currency trade, the US dollar index hit two-month highs on Friday on the US Federal reserve comment.


Among commodities, oil prices dipped for a second day in a row on Friday as some investors took profit on a surge to seven-month highs while others worried about higher production with the market hovering near USD 50 a barrel. 

Gold slid 1 percent to a three-month low, extending losses as the Fed rate hike could boost the dollar.



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First Published on May 30, 2016 07:46 am
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