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  • Pre-market: Nifty seen opening higher; may reclaim 7,500 levels

    The 50-share Nifty index is expected to open higher on Friday following positive trend seen in other Asian markets. Tracking the momentum, the index is expected to reclaim its crucial psychological level of 7,500 in trade today.

    At 07:30 a.m., Nifty India stock futures in Singapore were trading 35 points higher at 7,525.00 a positive opening on the domestic market.

    The benchmark Sensex created history on Thursday by closing above the 25,000 mark for the first time on heavy buying in metal, power and oil & gas shares by overseas investors.

    The 50-share NSE Nifty climbed 71.85 points, or 0.97 per cent, to close at a new peak of 7,474.10, breaching previous record closing high of 7,415.85 on Tuesday.

    "After the initial setback, the markets were seen recovering swiftly from the day's low and witnessed fresh upside break today. On sectoral front, metal, power and realty counters were remained in limelight from the beginning with noticeable recovery in IT and FMCG pack," said Jayant Manglik, President-retail distribution, Religare Securities Ltd

    "In absence of any major domestic event, participants are taking cues from the robust global markets. And so far, majorities are trading in line with our market trend," he added.

    Manglik is of the view that we are eyeing 7600 level in Nifty, so any decline can be utilize for initiating fresh long positions but keep extra caution in stock selection.
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