Nifty closed with gains as markets rebound after 3 days of losses. The undertone picked up from the Finance Minister's statement on Saturday of cut in personal tax & more headway to revive consumption. Reliance was the big contributor to the Nifty, while TCS and ITC saw selling limit the gains. Broader markets continue to see rebalancing from the Karvy incident with collateral accounts getting affected.
For today, expect another rangebound day with positive for OMCs as Government begins road shows for BPCL divestment in right earnest.
US Market: US stocks close with losses as markets consolidate gains from jobs numbers with global cues. US/China see initial positive on trade deal rubbing off as no further tariffs from December 15, 2019. Oil sees consolidation after sharper than expected cuts by OPEC, while bond yields fall again.
Asian Market: Asian indices opened in the red led by the Hong Kong market which continues to see collateral selling by institutional investors as no near term solution in sight sees recessionary conditions prevail. Fall in bond yields and weaker US$ could bode well as we head into the Federal Reserve meet this Thursday with dovish stance expected to continue.