Indian markets are likely to open on a negative note tracking SGX Nifty.
After moving higher in the session US markets gave up some of their gains to close
slightly positive on Tuesday. Housing stocks were a strong driver for the rally after
housing starts data came in much better than expectations. Energy stocks rallied as
well with gold stocks continuing their decline from the last session.
European markets ended higher on Tuesday on strong economic data that
suggested a revival in economic activity. The FTSE was helped by advances in
mining and financial services stocks. Among the gainers was BHP Billiton PLC which
rallied 4% after a ratings upgrade due to improving industry fundamentals.
The Indian market ended Tuesdays session on a flat note. Markets initially moved
downwards on strong selling but a strong performance from the IT stocks pulled the
indices up and the markets closed flat. Sentiment was also muted due to upcoming
expiry on Thursday.
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