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Last Updated : Sep 01, 2015 09:11 AM IST | Source: Moneycontrol.com

Opening bell: Weak global cues to drag Nifty lower today

The US markets ended lower amid continued uncertainty about China and the Federal Reserve. Asian markets too are in the red with Japan's Nikkei down over 1 percent.


The Indian equity market is likely to open in the red today brought down by global cues. The US markets ended lower amid continued uncertainty about China and the Federal Reserve. On Monday, the Dow Jones industrial average closed about 115 points lower after earlier falling as much as 198.96 points.


Asian markets too are in the red with Japan's Nikkei down over 1 percent. The markets were in the red on weak US lead and poor PMI data. China's official manufacturing purchasing managers' index (PMI) edged down to 49.7 in August from 50 in July, just below the 50-mark that separates expansion from contraction.


Back home, the SGX Nifty, an indicator of the market opening, was trading at 7924.50, down 75.50 points at 7:30.

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The markets slipped in the last hour to end with marginal losses with the Nifty falling below 8,000. Equity benchmarks shed 0.4 percent, dragged by profit booking in capital goods, select banking & financials, oil and technology stocks while pharma stocks bucked the trend.


In macro data, the first quarter gross domestic product (GDP) data painted a confusing picture with the economy growing by 7 percent, higher than last year, but the gross value added at 7.1 percent, lower than a year ago.


And HDFC Bank cut base rates by 35 basis points to 9.35 percent making loans cheaper. Other banks are expected to follow suit.


And August auto sales data will be released today. Strong growth is expected to come in for the MHCV sector to continue led by pre-buying. Passenger vehicles are expected to grow at 5-6 percent while two-wheeler volumes are expected to decline 2-3 percent.


In a CNBC-TV18 exclusive, Pawan Goenka of M&M says they will enter new compact segment with two products this fiscal, and will launch new compact SUV, TUV 300 on September 10 and will invest Rs 1000 crore for TUV 300 platform.



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First Published on Sep 1, 2015 07:40 am
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