The November series futures and options contract expiry day turned out to be a shocker for the Indian Stock Markets on November 24 as benchmark after showing some recovery in early afternoon session, crashed like a pack of cards in the last leg of trade, with investors offloading their positions an hour before the F&O contract expiry. Sentiments got hit after the rupee crashed to nearly 39-month low of 68.84, plunging by another 28 paise against the US dollar amid sustained foreign fund outflows. The Nifty ended lower by 67.80 points at 7965.50; and Sensex was 191.64 points down at 25860.17.European markets scored modest gains on Thursday, with mining shares battling against dollar strength during a quieter-than-usual session with U.S markets closed for the Thanksgiving holiday. All the major indices like CAC 40, DAX and FTSE 100 closed in positive territory in the range of 0.29 to 0.17 per cent.The US stock market remained closed on Thursday (November 24), on account of Thanksgiving holiday.The Asian markets on November 25 are trading with mixed sentiments. Nikkei 225 is trading higher by 0.67 per cent followed by Hang Seng trading up by 0.24 per cent. On the other hand Shanghai is trading lower by 0.74 per cent.At 7:54 am, SGX Nifty is trading 50 points higher at 8025, indicating a positive opening for the domestic market.
India : Markets to open positive to flat; fairly positive global cues may be a booster
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Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.