Indian markets extend Christmas glory as FM rebuffs PM statement

The Indian markets opened in green on December 27 as Finance Minister, Arun Jaitley advocated that India will now require a lower interest rate. A sense of worry was witnessed in the markets when Prime Minister, Narendra Modi hinted that the investors earning from the stock markets should make a significant contribution towards tax.

The markets on December 26 extended losses with Sensex closing down by 1.1 per cent. The markets have breathed a sigh of relief when FM, Arun Jaitley hinted that there are no plans to increase the tax on capital gains from the stock markets.

Major global markets which were closed on Monday due to Christmas eve is another reason for the Indian markets opening in a positive territory. The Sensex as at 10.13 am is up by 59 points and Nifty is trading up by 18.35 points. Nifty on December 26 ended at its seven month low, erasing 2016's gains. However, the markets are expected to be volatile ahead of F&O expiry on December 29.