Markets May Open Positive

DSIJ Intelligence / 26 Nov 2012

Indian markets may show a positive opening amid the concerns on the fate of the recently announced reforms by the government. SGX Nifty is currently trading with gains of 31 points.

Indian markets may show a positive opening amid the concerns on the fate of the recently announced reforms by the government. SGX Nifty is currently trading with gains of 31 points. 

Benchmark Indices

Index

Closing

% Change

SENSEX

18507

-0.06

NIFTY

5627

-0.02

Dow Jones

13010

1.35

S&P 500

1409

1.29

NASDAQ

2967

1.38

Bovespa

57574

2.01

FTSE

5819

0.48

CAC

3529

0.88

DAX

7309

0.88

Live

Hang Seng

21,923

0.82

Nikkei

9,445

2.41

Shanghai

2,024

-0.17
The Indian Parliament will resume after it was adjourned over the issue of the FDI in retail. The Opposition is strongly against the FDI and the market will closely track further movement in the parliament over this issue.

The optimism was also seen in the European and US markets as well. All the three key US indices gained more than 1.3% each on Friday. Market participants were also encouraged by signs of progress in talks about releasing aid to Greece. Super market giant Walmart said that it had its best ever black Friday as it saw a record crowds in its Manhattan flagship store. 

European indices in line with the global markets showed a very positive session with all three indices closing with significant gains on Friday.

Key Global Indicators

 

Gold (Rs/10gm)

Crude ($/bbl)

Spot

30,923.00

108.2

% change

-

-0.46%

Future

30,947.00

86.88

% change

-0.51%

-0.22%

The global cues are also very strong with Asian markets showing a strong positive opening. Nikkei is up 2% in the morning trades while Hang Seng is up 0.9%. Shanghai however is showing some volatility as the index is down 0.17%.

The RBI has now asked the loans to purchase the gold which may drag gold prices a little. Gold futures declined by 0.5% on Friday.Crude oil prices also declined over the Greece concerns. The Crude futures declined by 0.22% to USD 86.88 per barrel. The spot prices also came down by 0.46%. 

Currency Rates

 

Rs/$

Rs/Euro

Rs/GBP

Rs100/JYP

RBI Rate

53.78

69.71

86.77

67.25

Future

53.70

69.49

86.63

67.41

Due to the decline in crude and government’s divestment buzz, rupee has recovered a bit and is trading at 53.78 against dollar. The one month future contracts are also showing decline in rupee.

Overall we expect domestic markets to show a positive opening but the remainder course of the markets depends upon the happenings in the parliament.

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