The Indian currency, debt and equity markets – BSE and NSE – are closed today for Guru Nanak Jayanti. Financial markets will resume operations on Tuesday, December 1. However, the MCX commodities exchange will open for the afternoon session, from 5:00 pm to 11:30 pm. The morning session at MCX, from 09:00 am to 5:00 pm, will be closed to the public due to the public holiday.
On Friday, the NSE Nifty 50 Index closed 0.14% lower at 12,968.95 and the S&P BSE Sensex closed 0.25% lower at 44,149.72. During the last week, the Sensex advanced 0.60%.
The RBI MPC meeting is scheduled for this week. “Market participants would like to take hints of the likely inflationary trend and any upward revision of growth forecasts to plan for their next move. There is a high probability that the RBI will remain accommodative as the economy is slowly recovering. and it faces inflationary pressures, “said Nirali Shah, a senior research analyst at Samco Securities.
“Markets are not likely to show any significant movement in either direction as there is very little room for a rate cut. In fact, markets are expected to enter a festive mood with no major directional movements in the coming weeks. Turnovers Specific sector stocks are likely to develop in the short term. Investors are advised to increase their weight in resilient IT, pharmaceutical and private sector banks that could see some traction, “he said.
Asian stock markets moved today as hopes that the vaccines will soon be released played against concerns about a rebound in virus cases around the world.
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Oil prices were also under pressure ahead of a two-day meeting of major producers, with traders worried that they had not yet agreed to an extension of the production cuts that have provided crucial support for most of the year.
Global markets have exploded this month thanks to advances in vaccines, while investors have also been applauded by Joe Biden’s victory in the U.S. presidential election and signs that incumbent Donald Trump will allow a smooth transfer, despite alleging voter fraud.
With at least three drugs in the pipeline and approval in some countries said to be just a few weeks away, there is a general sense of optimism on the trading floors as distributors forecast an economic rebound next year. (With contributions from the agency)
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