DSIJ Mindshare

Market Likely To Open At Flat

Yesterday, the Nifty hit a record high on continued hopes for global monetary stimulus measures, while ITC surged to a six-month high on buzz that the government will not ban sale of loose cigarettes. The Sensex ended up 120 points at 28,563 and the Nifty closed 27 points higher at 8,564 after hitting a record high of 8,626.95. In the broader market, BSE midcap and Smallcap indices ended up 0.3% each.

Globally, The U.S. stock market slipped after the European Central Bank failed to take new steps to ease monetary policy, but did recover some of their losses and closed at flat. The S&P 500 closed down 2.41 points (0.1%) to 2,071.92, after briefly rising to an intraday record above 2,077. The Dow Jones Industrial Average fell by 12.52 points (0.1%) to 17,900.10. Meanwhile, he Nasdaq Composite lost 5.04 points (0.1%) to close at 4,769.44. The main focus on Friday will be the the government's monthly jobs data for the month of November.

After spending the morning in positive territory, European stocks drop most in seven weeks after Mario Draghi said the European Central Bank will gauge the need for further stimulus early next year, quelling speculation the lender would start buying sovereign bonds soon. FTSE 100 dropped 0.55% to 6,679.37 points. DAX 30 lost 1.21% to 9,851.35 points and the CAC 40 sank 1.55% to 4,323.89. The Stoxx Europe 600 Index slid 1.3 percent to 344.84. Also, Italy's FTSE MIB dropped 2.8% to 19,424.38, and Greece's Athex Composite fell 1.6% to 991.87. Spain's IBEX 35 slumped 2.4% to 10,619.90.

Asian market opens in mixed note. Japan’s Topix index fell for the first time in six days, slipping from a seven-year high, after Mario Draghi said the European Central Bank will wait until next quarter to assess the need for more stimulus. While Hang Seng and China's Shanghai index open in green than they goes in negative and now they are trading at flat. The SGX Nifty is open in green and currently trading at 3 point above at 8,603. Indian market is expected to open at flat on back of global cues.

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