Markets likely to open weak tracking Asian peers

The domestic markets are likely to open lower tracking their weak Asian peers and after the global rating agency S&P kept its India rating unchanged. As per early SGX indication, Nifty Fut (Nov) may open around 10,377, with a loss of 46 points at the opening bell.  

A week after Moody’s raised rating of India one notch higher, S&P on Friday retained India’s ratings at BBB-.   

Asian markets kicked off the week on Monday with a dismal start.  Hong Kong’s Hang Seng has slipped 180 points, Japan’s Nikkei 225 has lost 71 points and China’s Shanghai Composite has plunged 29 points. 

Back home, Indian markets ended on a positive note on Friday, extending their gains to the seventh straight session. The broader markets moved in line with benchmark indices as Nifty Mid-cap and Small-cap indices rose 0.50% and 0.38%, respectively. Sector-wise, Nifty Pharma and Nifty FMCG ended higher by 0.77% and 0.72%, respectively. At the end of the day, Nifty50 index closed at 10,390, up by 0.40%, and BSE Sensex gained 0.27% to close at 33,679.  

On the Wall Street, trading activity remained subdued as many traders were away from their desk following the holiday and an early close of the stock market. All three benchmark indices ended with modest gains, with tech-laden Nasdaq and the S&P 500 reaching new record closing highs. The Nasdaq surged 22 points to end at 6,889 and the S&P 500 added 5 points to finish at 2,602 and the Dow Jones Industrial gained 32 points to close at 23,558.  

Majority of the European markets ended in positive terrain on Friday following the release of the stronger-than-expected German business confidence report. The DAX of Germany climbed 0.39%, the CAC 40 of France gained 0.20%, whereas FTSE 100 of the UK dipped 0.10%.