India : Markets likely to be in positive mood; repercussions of OPEC meet to be felt

The Indian Stock Markets staged an amazing performance on the last day of November month by rallying close to a per cent and re-conquering their psychological levels. India’s GDP for the second quarter of FY17 grew at 7.3 per cent versus 7.1 per cent quarter-on-quarter and 7.6 per cent year-on-year. Finally, the BSE Sensex rallied 258.80 points or 0.98 per cent to 26652.81, while the Nifty rose 82.35 points or 1.01 per cent to 8224.50.European markets closed higher on November 30. CAC 40 closed higher by 0.59 per cent followed by DAX and FTSE which ended the session with gains of 0.17 to 0.19 per cent.  The Dow industrials held on to fractional gain, but other major indexes finished lower on Wednesday as an early session rally led by a surge in the energy sector sputtered out in the late trade. The month of November was a strong month for equities, which accelerated gains following Donald Trump’s Presidential election victory, pushing major indexes to a string of new highs. Dow Jones industrial average ended flat. Nasdaq closed 1.05 per cent lower and S&P 500 ended lower by 0.27 per cent.Asian markets are trading higher on Thursday in morning trade, after OPEC overnight reached its first deal since 2008 to cut oil production and investors parsed mildly upbeat manufacturing data from China. The Nikkei 225 surged 2.32 per cent, likely because of the weaker yen. Hang Seng is up by 0.87 per cent and Shanghai is up by 0.65 per cent.At 7:58 am, SGX Nifty is trading with profit of 0.25 per cent to the levels of 8260, indicating a positive start for the domestic market.