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Nifty saw a quiet day this "Diwali" Muhurat day with the index closing well in the green in the short session. Excellent results by banks like SBI & ICICI should see more action in financials today as rupee strength, fall in yields, & rise in consumption in this festive month bode well for credit expansion.
Expect the broader market also to participate in the rally from here on as the valuation discount to largecaps narrows.
Asian Market: Asian indices opened in the green led by the Japanese 'Nikkei" with most Asian markets trading near 3-month highs.Chinese stocks have also seen strong rear guard action with foreign flows buying financials & manufacturing stocks.
For today, expect more colour on banks as the Federal Reserve meets to cut rates this week in the US, which could see more impetus for Asian banks.
US Market: US indices close at fresh new all-time highs with upbeat earnings surprises and the US/China trade deal in November being the key drivers.
Oil prices fall as supply pressure decreases with China & India seeing the lowest consumption in over 3 years. Bond yields inch up as risk-on trade sees rise in cost of money.
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