Nifty likely to open flat on positive global cues

The Indian equity market is likely to open flat with a slight negative bias. The SGX Nifty, an indicator of the market opening, was trading at 7:48. The benchmarks closed near to their psychological levels (7900 on the Nifty and 26000 on the Sensex) on Thursday. The 30-share BSE Sensex was up 182.89 points or 0.71 percent at 25958.63 and the Nifty rose 52.20 points or 0.67 percent to 7883.80. Globally, the European markets ended higher on anticipation of further stimulus from the European Central Bank. US markets were shut on account of Thanksgiving and will close early today too. Closer home, Asian markets were trading mixed as investors took their cues from European equities, which closed higher Thursday on anticipation of further stimulus from the European Central Bank (ECB). In other asset classes, the euro hovered near seven-month lows against the dollar and lost ground against the yen as investors bet against it, expecting the ECB to ease monetary policy again next week. Crude prices eased as the focus returns to a persistent market glut. A firmer dollar also weighed on oil as it makes it more expensive for holders of other currencies. Gold prices remained largely unchanged at USD 1070 per ounce. Back home, all eyes are on the Prime Minister on the second day of the Winter Session - he may speak out on the intolerance issue as he intervenes in a rare Parliament debate to commemorate the Constitution. Finance Minister Arun Jaitley will initiate discussion in Rajya

Sabha In corporate action, Bain Capital drove out of Hero Motocorp after selling its residual stake. In all, Bain has sold nearly 9 percent stake for over USD 750 million which is a return of over two times its initial investment. The worst is over for India's banking sector says global ratings agency Moody's, adding that it expects stressed assets to decline starting this fiscal.

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