The Indian markets snapped the last session on a positive note on good global cues and with traders taking selective bets. Today, the start of the new F&O series is likely to be in green, taking cues from the high rollovers, the market-wide rollover on the expiry day of the November series stood at 82.1%, highest in the last ten months. Traders will be eyeing the Q2 GDP numbers to be announced after the market hours. Experts are estimating the Indian GDP to have expanded by about 4.5 percent in the July-September period on the back of rising exports and a good monsoon. Meanwhile, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia has said that India will become the third-biggest economy in the world by 2030. The sugar stocks based in UP are likely to remain buzzing, as the UP government after offering some subsidies has decided to suspend all negotiations with the sugar industry and threatened stern action against them if they do not start cane crushing operations by December 4 in western districts and December 7 elsewhere. There will be some positive reaction in infra sector on reports that a PM-appointed C Rangarajan committee is likely to recommend reduction and deferment of premium to be paid to NHAI by the highway developers.
The US markets remained closed on Thursday unable to give any cues to the other global markets. The Asian markets have mostly started in red and are heading to their first monthly decline since August.
Back home, Thursday turned out to be a remarkable day of trade for Indian equity markets with both the frontline indices snapping the Futures & Options series of November month ending near their psychological 20,550 (Sensex) and 6,100 (Nifty) bastion buoyed by firm global cues. Sentiments remained up-beat since beginning as key bourses opened with a huge gap on upside after industry body Assocham pegged the country's growth at 5.4% for the period on improved agricultural output. Buying continued on the street throughout the day ahead of Q2 GDP numbers to be announced tomorrow, as there is general belief that after a sluggish first quarter, India’s economy may have expanded by about 4.5 percent in the July-September period. Global cues too remained euphoric with the US markets providing much needed support to Indian benchmarks in initial trade. Moreover, most of the Asian equity benchmarks shut shop in the green. Firm opening in European markets too provided strength to domestic bourses. Back home, software stocks like, Infosys, MphasiS, HCL Technologies, Wipro, Tech Mahindra etc. hogged limelight after a batch of upbeat economic data in the US. Buying in telecom stocks too supported the sentiments with stocks like, Bharti Airtel and Tata Communications edging higher after telecom regulator TRAI came out with guidelines and tariff on unstructured supplementary service data (USSD)-based mobile banking services in order to promote use of mobile banking services across the country. Meanwhile, stocks related to oil and gas companies too remained on the buyers’ radar after Oil Secretary Vivek Rae stated that the Ministry of Petroleum and Natural Gas was working out a policy framework on shale gas exploration under which private domestic oil and gas players would get the right to explore shale gas or oil in their blocks. Additionally, sugar stocks rallied for yet another session after Food Minister K.V. Thomas highlighted that the country could give financial assistance to sugar mills to help them pay farmers higher prices for cane, thereby highlighting that some relief measures may be in store. The industry has been demanding an increase in import duty, interest-free loans for mills, subsidies for exports and creation of buffer stocks to help mills. Finally, the BSE Sensex surged by 114.65 points or 0.56%, to settle at 20534.91, while the CNX Nifty gained 34.75 points or 0.57% to settle at 6,091.85.
