Markets likely to extend rally for the second trading session

A session after displaying a depressing performance, the Indian markets pulled up a scintillating performance by vivaciously rallying about one per cent on Tuesday, courtesy hefty short covering in the recently beaten down frontline stocks ahead of monthly expiry of derivative contract on Thursday. Metal and Realty sectors outperformed the market. The Nifty ended higher by 73 points at 8002; and Sensex was 196 points up at 25960.78.

Stock markets in Europe closed higher on Tuesday, following record high on Wall Street and expectations that OPEC members could reach an agreement over an output cut. FTSE 100 gained about 0.61 per cent followed by CAC 40 and DAX.

US equities on November 22 closed higher, hitting new all-time highs, as investors digested housing data and kept an eye on President-elect Donald Trump’s policy agenda. The Dow Jones industrial average rose about 70 points, closing above 19,000 for the first time ever, with Home Depot contributing the most gains. The S&P closed over 2,200 for the first time, as telecommunication rose about 2.1 per cent and led the advancers' rally. The Nasdaq composite also closed at all-time highs, rising approximately a third of a per cent.  

Asian markets on November 23 are trading in green with Hang Seng trading higher by 0.44 per cent followed by Nikkei and Shanghai being up in the range of 0.31 and 0.25 per cent respectively.

SGX Nifty is trading with robust gains of 0.82 per cent to the levels of 8056. We expect markets to open in green.