Indian markets could open higher following largely positive Asian markets today and despite mildly negative Dow Jones index in US markets on Wednesday - HDFC Securities
The technology-heavy Nasdaq index closed at a fresh record Wednesday, its first in three months, but with the Dow Jones Industrial Average retreated modestly from its historic close above a milestone at 30,000 seen Tuesday. After a record-setting day Tuesday for the Dow, investors took a breather from rotating out of shares of companies in previously “unloved” sectors of the economy during the pandemic.
US markets will be closed on Thursday for Thanksgiving and will shutter early on Friday
Weekly data on jobless claims from the Labor Department showed 778,000 people filed for unemployment for the first time, marking the second weekly gain in a row. A report on orders for long-lasting goods for October showed a sixth-straight monthly rise, but one that was lower than forecasts.
West Texas Intermediate crude for January delivery rose 80 cents, or 1.8%, to end at $45.71 a barrel on the New York Mercantile Exchange – closing at more than 8 month high. Oil extended gains after the Energy Information Administration said U.S. crude inventories fell by around 800,000 barrels last week.
The OPEC+ alliance is scheduled to ease existing curbs in January, but is expected to decide at a Nov. 30-Dec. 1 meeting to delay that move.
Bank credit growth in India decelerated to 5.8% in the September quarter from 8.9% in the year-ago period, according to the Reserve Bank of India data. Aggregate deposits of banks rose 11% year-on-year in the July-September period as compared to 10.1% growth a year ago.
Crude oil processed by Indian refiners rose to its highest in seven months in October as fuel demand picked up although throughput remained lower than a year earlier, hurt by the coronavirus pandemic’s impact on industrial and transport activity. Crude oil throughput in October dropped 16.1% from a year earlier to 4.35 million barrels per day (18.39 million tonnes), but was the highest since March.
Asian shares were largely higher after opening flat to down on Thursday as the hot run up in global markets took a breather, with investors switching their focus from vaccine hopes to disappointing U.S. jobs data and new COVID-19 lockdowns.
Indian equity benchmark indices came under huge selling pressure on Nov 25 after three day gaining streak and ended deep in the red. At close Nifty ended down at 12,858.40, falling 196.75 points or 1.51 percent. Nifty has witnessed formation of a bearish engulfing top after a sustained rise.
Nifty 12730-12745 could be the support for the near term while 12934-12948 could be the resistance. Nifty could face selling pressure on rises from hereon for the next few days.
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