Market Seen Opening Flat Due To F&O Expiry Today
It was a volatile trading session for Indian equities as the benchmark indices traded from lows to high and then ended the day on a flat note. It was more of a choppy session where market was lead by interest-sensitive auto, banking and realty stocks on rate cut hopes. The 30-share Sensex ended climbed 48.14 points at 28386.19 and the 50-share Nifty ended up 12.65 points at 8475.75.
Market also gets support by DLF, after Urban Development Ministry approved enhancement of Ground Coverage and Floor Area Ratio in Delhi. ITC was up 1.5%, having recovered from yesterday's slump as analysts maintain a buy report on it. The midcap and smallcap stocks today rebounded after suffering a selloff in the previous session. The BSE midcap and smallcap indices were up nearly 1%.
Globally, The U.S. stock market closed flat on yesterday as the market’s recent upward bias held ahead of the Thanksgiving holiday, even as a batch of economic data came in below expectations. Orders for long-lasting manufactured goods rose in October, but a key category that tracks business investment plans declined sharply for a second straight month. Another report showed Personal income and expenditure rose only modestly last month, while pending home sales declined and initial jobless claims hit an 11-week high last week – although that might have been down to seasonal distortions. At the close of U.S. trading, The S&P 500 index rose 5.80 points (0.3%), to 2,072.83. The Dow Jones industrial average rose 12.81 points (0.1%), to 17,827.75, while the Nasdaq composite climbed 29.07 points (0.6%), to 4,787.32.
Crude oil prices slumped ahead of a key meeting by the Organization of Petroleum Exporting Countries. There are market rumours; OPEC was unlikely to cut output when the 12-member organisation meets on Today. WTI crude ended the session 40 cents lower at USD 73.69 a barrel, not far from its session low USD 73.30. Benchmark Brent futures were last down by about 50 cents at USD 78 a barrel, having hit a low of USD 77.30 in the session.
European stocks ended with a whimper on yesterday, giving up a stronger lead following three straight sessions of advances. The Euro STOXX 50 index closed unchanged at 3226.08. Among major indexes, Germany’s DAX index climbed 0.55% to 9,915.56, and the U.K.’s FTSE 100 slipped 2 points to 6,729.17. France’s CAC 40 fell 0.2% to 4,373.42.
Tokyo stocks opened in red for a second day as the yen strengthened and energy companies led losses as crude oil slid to a four-year low. The Topix slipped 0.4% to 1,400.53 and the Nikkei 225 Stock Average dropped 0.32% to 17,328.87. The yen rose 0.2% to 117.54 per dollar, strengthening for a third day. The Shanghai Composite Index currently up by 0.24% to 2,609, heading for the highest close since August 2011. However, Hang Sang opens in green and trading at flat. The SGX Nifty is marginally up by 5 points. Today we expect Indian equities open in flat and going forward it may volatile during a day due to F&O expiry today.