India : Markets likely to open flat to negative; global cues lack the gush of adrenalin

The Indian Stock Markets started the month of December on a disturbing note as the benchmark indices snapped a four-day winning streak. The Nikkei India Manufacturing Purchasing Managers’ IndexTM (PMITM) fell to 52.3 in November from October’s 54.4, its biggest month-on-month decline since March 2013. Amendments related to GST are still pending in the Parliament. Proceedings in the House have been stalled with the opposition demanding Prime Minister Narendra Modi’s presence during the debate on demonetisationon. Finally, the NSE’s 50-share broadly followed index Nifty, suffered a cut of over a quarter per cent to settle below the crucial level of 8200, while Sensex slipped around 93 points to end the session at 26559.92. European markets closed lower on Thursday as investors eyed political developments in Italy and digested the oil-producing cartel OPEC’s announcement to cut oil production. DAX ended lower by 1.10 per cent followed by FTSE 100, which declined by 0.46 per cent and CAC 40 declined 0.39 per cent.The Dow Jones industrial average bucked the broader market’s weakness on Thursday to close at a record high, even as large-cap technology stocks weighed down the Nasdaq composite index for a second straight session. The Dow rose 68.35 points to close at 19,191.93. Nasdaq shed 72.57 points to finish at 5,251.11. The S&P 500 index fell 7.73 points to end at 2,191.80 as gains in the energy and financials sectors were offset by losses in technology, utilities and consumer staples.Asian markets on December 2 are trading in negative territory, Hang Seng being the major loser down by 0.87 per cent followed by Nikkei 225 and Shanghai composite.  At 7:55 am, SGX Nifty is trading lower by 57.50 points at 8155.50, indicating a negative opening for the domestic market.