Market LIVE: Positive open likely as SGX Nifty higher; Brent up 3% at $110
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The key benchmark indices are likely to start Monday’s session with modest gains as per trends indicated by the SGX
Investors continue to watch out for the developments of the Russia Ukraine conflict and the ongoing negotiations between the two. Any futher possiblity of de-escaltion may lend support as US Fed rate hike has been put behind.
Moreover, Ukraine’s President Volodymyr Zelenskyy has warned of a ‘third world war’ if ongoing ceasefire talks with Russia fail. While, the US and China also appear to be on loggerheads as Biden has warned Xi of stringnent action if China supports Russian invasion of Ukraine.
In an other signifcant development, the government is working on classification of cryptocurrency as goods or services under the GST law, so that tax can be levied on the entire value of transactions.
Currently, 18 per cent Goods and Services Tax (GST) is levied only on service provided by crypto exchanges and is categorised as financial services.
This apart, among stocks, Maruti Suzuki will be in the limelight as its Suzuki Motor announced on Sunday that it would invest Rs 10,440 crore to build a new electric car and battery factory in India.
Wockhardt may also be eyed as the company and Serum Institute of India (SII) have entered into a profit-sharing arrangement to make 150 million doses of SII vaccines in Wockhardt’s UK plant.
Global cues
US stocks closed higher on Friday as investors digested Federal Reserve’s interest rate hike and uncertainty over the Russia-Ukraine war. The Dow Jones rose 0.8 per cent, the S&P 500 gained 1.2 per cent, while the Nasdaq jumped 2 per cent.
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