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Last Updated : Jul 29, 2016 08:22 AM IST | Source:

Nifty unlikely to open on cheery note due to weak global cues

In Asia, markets are trading mostly lower as all eyes on the Bank of Japan's decision due later today. India too is seen opening lower today.

Taking cues from global trading, the Indian equity market is expected to open in the red. SGX Nifty was trading at 8683.00 down 13.50 at the time of writing.

In Asia, markets are trading mostly lower ahead of the Bank of Japan's monetary policy decision due later today.

However, the Indian markets yesterday outperformed global peers thanks to a last-hour rally. The Sensex ended 180 points higher and the Nifty hit a fresh 52-week closing high.

The US market ended mixed amid declines in oil prices.

Europe too closed in the red. Stocks finished in negative territory as investors waded through another raft of earnings.

Credit Suisse reported a surprise profit for the second quarter of 2016. However shares closed 5 percent down, while French bank BNP Paribas also fell after posting better-than-expected second-quarter profit, even as its retail bank struggled.

On the currency front, the yen gains amid jittery trade ahead of today's much-anticipated policy review from the Bank of Japan.

Crude prices extended losses into a seventh day, trading at a three-month low amid concern over rising supplies of the commodity.

Gold prices, in the precious metals space, held steady above USD 1330 an ounce.

Back home, goods and services tax (GST) inches closer to reality. Top Congress sources say talks are moving in the right direction and a crucial meeting between government and the Congress is scheduled on Monday while the bill itself may be taken up in Parliament Tuesday.

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First Published on Jul 29, 2016 08:11 am
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