Market is expected to open gap gap up and likely to witness positive move during the day - Nirmal Bang
Market Review
US:
U.S. stocks tumbled at the opening of a holiday-shortened session on Friday, as concerns about a new and potentially vaccine-resistant variant of Covid-19 spooked global markets, triggering a rush to reactivate pandemic trades.
Asia:
Asia Pacific stocks were mostly down on Monday morning. Calm returned to markets even as investors continue to assess the risks to global economic recovery posed by the latest omicron COVID-19 strain.
India:
Bears dominated Dalal Street on Friday amid a global sell in equities as investors gauged the impact of a new covid-19 variant. S&P BSE Sensex nosedived 1,687.94 points or 2.87% to close at 57,107 while Nifty 50 was down 2.9% to end at 17,026. Barring pharmaceutical and healthcare stocks, all sectors slid deep into negative territory. Market is expected to open gap gap up and likely to witness positive move during the day.
Global Economy:
A surge in coronavirus cases in Germany has led to a disappointing start to the Christmas season for retailers in Europe's biggest economy. A survey by the HDE retail association showed that only 20% of 350 companies asked were satisfied with Christmas sales so far. Profits at China's industrial firms grew at a faster pace in October, providing a buffer for a faltering economy battered by soaring raw material prices. Profits in October rose 24.6% from a year earlier to 818.7 billion yuan ($128.1 billion), the official data showed, quickening from a 16.3% gain reported in September. For the January-October period, industrial firms' profits rose 42.2% year-on-year to 7.2 trillion yuan, slower than a 44.7% rise in the first nine months of 2021.
Commodities:
Oil prices rose on Monday, recouping some losses after Friday's plunge of about $10 a barrel, as investors looked for bargains but remained cautious with the focus on the Omicron coronavirus variant and Iran nuclear deal negotiations. Gold fell after some concerns over the omicron coronavirus strain eased, boosting risk appetite even as the World Health Organization urged caution.
Currency:
Currency markets calmed on Monday in Asia after the initial shock of the discovery of the Omicron coronavirus variant sent investors scurrying for cover last week, but analysts warned of more volatility with little still known about the new strain.
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