– Indian markets went up on the back of surprise monetary measures taken by China (lower their interest rates in order to pump more money into the economy to create demand) and ECB’s (European Central Bank) President Mario Draghi’s comment of taking more steps in order to push growth. All these factors made Indian markets to hit new highs today. Nifty closed above 8500 level.
FM Arun Jaitley has commented yesterday that India will get a second generation of reforms in the coming budget session, the first generation of reforms came in 1991 under FM Manmohan Singh. Winter session of Parliament kicked off today. Major bills are ready to pass by parliament like Land acquisition bill, Insurance FDI Bill, GST Bill, etc. All these bills will face some hurdle as opposition party will not allow the government to pass them, but the government looks focused this time and could call a joint session of Lok Sabha & Rajya Sabha in order to pass the bill, in which case BJP will get the majority.
– Sentiments looks bullish for the equities. However, Gold is likely to remain in range and major correction is not expected as of now. COMEX Gold is trading in a range between 1191 and 1204, any movement above or below will decide the short term movement of the yellow metal.
– Natural Gas is expected to see some support above 4.080 after seeing a profit booking and is expected to go up. Crude oil prices are expected to move up as OPEC (Oil producing and exporting countries) is set to meet on 27th of November and could decide to reduce their gross production output of crude oil. Reduction in supply of oil would make prices to move up.