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The outlook is a flat start as the December series begins with a heavy build-up of short positions. Asian markets opened in the green with commodities leading the charge as the yen hits 113 to the US$. The Japanese Nikkei stock index has entered a new bull market as exporters benefit from the falling yen. The Nikkei has risen from levels of sub 15000 on Brexit day to over 18000 today, which is further seeing flows unabated as investors chase higher returns in developed markets.
The demonetization drive is coming under severe criticism from the Opposition parties with former Prime Minister Manmohan Singh terming it as a ‘monumental failure’ in its implementation.
The Finance Minister shot back citing a litany of scams that had emerged during the previous government’s rule. One thing is for sure. The demonetization has sent most calculations awry – be it GDP growth, tax collections or the serpentine queues waiting for their money in cash form. The rupee continues to struggle breaching its Aug 2013 lows and is flirting near the 69 per dollar mark.
Foreign investors are net short 3,086 contracts in the index futures. The rollovers were better than anticipated at 61 pc but much lower than the three-month average of 75 pc. A strong earthquake rattled Central America raising concerns of tsunami waves. Oil prices moved higher ahead of next week’s crucial OPEC meet.
Nifty saw sub 8000 expiry as foreign selling kept the pressure on financial stocks even as metals outperformed. With the worst November series since 2013 we now head into the last series of 2016 with pessimism more out of shock & perception rather than actual. Domestic flows continue to be strong with retail & institutions buying aggressively. For today expect pull back in auto, banks & IT while profit booking in Metals & Pharma may be on the cards.
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