The Indian Stock Markets on November 28 opened on a negative tone following tepid global cues; and banking counters remained under pressure after RBI on Saturday asked banks to maintain temporary incremental cash reserve ratio (CRR) of 100 per cent to absorb excess liquidity from the system. However, Metal and Mining stocks such as Jindal Steel, Vedanta, Hindustan Zinc and JSW Steel rallied during the day, as copper prices rose in global commodity markets. Telecom stocks edged higher after the government’s decision to allow old Rs 500 notes to be used for pre-paid mobile recharge. The Nifty ended flat with positive bias at 8127 up by 12.60 points and Sensex closed up by 33.83 points at 26350.17. European markets closed lower on Monday amidst political uncertainty in Italy and revived hopes of an OPEC production cut after a volatile trading day. DAX ended with losses of 1.10 per cent followed by CAC 40 and FTSE 100. US stocks ended lower on Monday, pulling back from the record highs hit last week, with oil prices firmly in focus ahead of meeting of the Organization of the Petroleum Exporting Countries. The Dow Jones industrial average lost 54.24 points, or 0.3 per cent, to 19,097.90. The Standard & Poor’s 500-stock index lost 11.63 points, or 0.5 per cent, to 2,201.72 and the Nasdaq composite lost 30.11 points, or 0.6 per cent, to 5,368.81.Asian markets are trading mixed on Tuesday, taking cues from the US where a post-election rally appeared to stumble. In Japan, the Nikkei 225 is trading in negative terrain at 18,323 down by 0.18 per cent. Hang Seng is trading lower by 0.06 per cent. Shanghai trading is flat to positive up by 0.03 per cent.At 7:55 am, the SGX Nifty is trading 5 points higher at 8154.50, indicating a flat opening for the domestic market.
India : Markets to open flat, amidst a dull global scenario
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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.