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Last Updated : Jun 01, 2016 08:39 AM IST | Source: Moneycontrol.com

Strong GDP data may lead Nifty to open firm

Asian markets are mixed with Hang Seng higher by 0.06 percent, the Nikkei 225 down 0.69 percent and the Shanghai Composite trading flat.


Moneycontrol Bureau

Although profit booking led the Indian market to snap its 5-day rally Tuesday, better-than-expected GDP data at 7.9 percent for the fourth quarter FY16 and five-year high of 7.6 percent for full year, reported later in the day, is expected to lift markets Wednesday.  

The SGX Nifty, trading 24.00 points up 8,212.50 in early trade also hints at a positive start for Indian markets.

Asian markets are mixed with Hang Seng higher by 0.06 percent, the Nikkei 225 down 0.69 percent and the Shanghai Composite trading flat.


Wall Street closed mixed on the last trading day of May, as investors eyed economic reports for indications on the timing of the next Fed rate hike.


Markets in Europe, however, finished lower as investors pondered key events ahead this week including meetings of the European Central Bank and OPEC. Investors have been on edge since the US policymakers hinted at an interest rate hike in June, ahead of market expectations. Focus now shifts to ECB meet tomorrow and a potential upgrade to the euro zone inflation forecast.

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In currency trade, the US dollar was mostly flat against a basket of major currencies after the US economic data failed to support expectations for a June or July interest rate hike.


Among commodity markets, crude oil closed lower, after UAE oil minister said he was happy with the oil market, noting that prices had been correcting higher ahead of the crucial OPEC meet in Vienna tomorrow.. That said, oil posted its fourth straight monthly gain, with investors betting on higher US fuel demand.


Gold rose, rebounding from a three-and-a-half-month low hit in the previous session, but remained on track for its biggest monthly decline since November on broad strength in the dollar and growing expectations of an imminent US rate hike.



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First Published on Jun 1, 2016 07:58 am
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