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After a volatile start, the Indian indices closed on a positive note. Both indices stabilised as the day progressed and with impetus from ITC, Tata Motors, Reliance and HDFC.
Earlier in the day, the Asian Development Bank slightly lowered its 2016 growth forecast for developing Asia, reflecting slower-than-expected expansion in India. The new estimate for India has been adjusted to 7.0% from 7.4% due to weak investment, agricultural slowdown and the government's recent demonetisation.
The strong Chinese economic data provided the right impetus to the Asian indices before the end of the day. On one of the key parameters, Industrial output, China rose 6.2% YoY in November, which was higher than earlier projections. However, the positive burst was cut short by the anxiousness over the outcome of the US Fed Monetary Policy, the meeting for which commences today.
The markets widely expect the US central bank to raise interest rates by 25 basis points. When the markets closed Japan's Nikkei 225 was at 19250.52 gaining 0.50%, China's Shanghai Composite ended 0.07% higher at 3155.04, Hong Kong's Hang Seng signed off at 22446.70 up 0.06% while Singapore's Straits Times closed at 2953.49 up 0.04%.
While on the other side of the continent, the European indices started off on a positive note and were trading in green. The markets in the European region are also expecting US Central Bank to raise the interest rates by 25 bps. At the time of writing this report, FTSE 100 was up 0.02%, DAX was up 0.45 while CAC-40 had gained 0.06%, all three indices were in green.
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