Markets to open in red; GST rates to be in focus

Indian share markets couldn’t hold on to the gains during the day as they came under tremendous pressure in the last hour of trade, which dragged the benchmark indices below an all-important level of 8500 on Thursday, November 3. Market currently is trading at a 4-month low, spooked by the uncertainty surrounding US Presidential elections.Nifty closed below the levels of 8500; whereas Sensex closed below 27450 on Thursday, November 3.
 
European stocks closed lower in trade for ninth- straight day on Thursday, November 3 due to the general weakness in the markets, however it was aggravated by British High court ruling on the Brexit process, boosting the pound. English market was the biggest drag, whereas IBEX managed to close in green.
 
US stocks closed lower, taking the losing streak to a eighth-straight day, thereby creating the longest losing trend since depths of the financial crisis. All the benchmark indices closed in the red on Thursday, November 3.
 
Asian shares remained weak in trade as they traded near their four-month lows due to the anxiety surrounding the US elections. Primarily all the markets are trading down, except for the Chinese markets which are trading flat with a positive bias on November 4.
 
SGX Nifty is trading with losses of 0.32 per cent to the levels of 8492. We expect markets to open in red and they may continue to hover around the 8450-8500 levels during the day.