Market is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
Market Review
US:
Markets closed lower Friday, pressured by more losses in artificial intelligence stocks, to post a losing week as new economic data added to investors’ fears of a slowdown.
Asia:
Asian shares got a lift on Monday on optimism that an end to the historic U.S. government shutdown could be in sight.
India:
Market ended largely flat after a volatile session, with the Sensex closing marginally lower by around 95 points and the Nifty hovering just below the 25,500 level. The flat closing was mainly due to mixed investor sentiment amid ongoing FII selling, coupled with cautious DII support that limited the downside. Market is expected to open on a flattish note and likely to witness range bound move during the day.
Global economy:
The U.S. Senate on Sunday moved toward a vote on reopening the federal govt amid optimism that an end to the historic shutdown, now in its 40th day, is within reach. Senators expect a Sunday night vote on advancing a House-passed bill that will be amended to combine the short-term funding measure, which would fund the government through January 2026, with a package of three full-year appropriations bills, Senate Majority Leader John Thune said.
China’s producer price index fell 2.1% in Oct from a year earlier, National Bureau of Statistics data showed, compared with an expected 2.2% decline in a Reuters poll of economists. The index has remained negative since Oct’22 and dropped 2.3% in Sep.
Moscow collected 888.6 bn rubles, or $10.9 bn, in oil and gas taxes, down from about 1.2 tn rubles in Oct 2024. The steep decline came amid weak crude prices, a stronger ruble, and tightening Western sanctions over Russia's invasion of Ukraine.
Commodities:
Oil steadied as traders weighed concerns about a glut and fallout from US sanctions against Russia at the start of a data-heavy week.
Gold prices rose on Monday, buoyed by expectations of another Federal Reserve interest rate cut in December and a slew of weak economic data that raised global growth worries
Currency:
The U.S. dollar held firm in early Asian trading on Monday as a string of weak economic data revived global growth worries, though signs that Congress may be edging closer to a deal that could reopen the U.S. government blunted its safety bid.
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