Indian markets are likely to open flat with a positive bias tracking SGX Nifty and
global cues.
The US market started the New Year with a positive bias but the momentum seems
to be losing ground. Initially the markets lacked direction on Thursday but started
trending down during the day. The US labor department will release its monthly job
data today and hence traders might have avoided large positions resulting in a
subdued market.
European markets remained in a range bound trade during the day. The minutes of
US fed was published after the closing of the European market yesterday and hence
the European markets reacted positively initially but closed almost flattish for the
Indian markets rallied on Thursday and broad based buying was witnessed across
sector. Opinion poll conducted by a leading media groups indicated a positive
surprise and chances of BJP wining the UP elections which fuelled expectations of
more reforms and markets reacted positively. Further the

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