Indian markets are likely to open flat tracking global indices and SGX Nifty.
U.S. markets moved higher as corporate earnings came in better than expected. Telecommunications stocks rallied as reflected by 1.3 percent rise in the NYSE Arca North American Telecom Index. Airline and banking stocks also moved higher by the end of the session.
UK markets moved up as better earnings and positive economic data strengthened investor sentiment. BP Plc shares rallied 3 percent after the company reported a profit in Q2 compared to loss last year. RollsRoyce also posted strong gains of 8 percent as the aircraft engine maker reported a firsthalf net profit despite multiple headwinds.
Indian markets closed higher as hopes of an interest rate cut and firm global cues offset the contraction in manufacturing activity. The manufacturing PMI dropped from 50.9 to 47.9 as GST implementation had a shortterm impact on manufacturers. The BSE Metal index was the biggest gainer for the session closing u
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