The Indian Stock Markets ended the week on a distressing note as they went on to extend the declining streak for the second successive session as market participants resorted to hefty across the board position squaring. Sentiments remained down-beat owing to controversial comments made by West Bengal’s Finance Minister, Amit Mitra that demonetisation – making over 85% of old Rs 500 and Rs 1,000 currency notes illegal – will delay implementation of GST. Meanwhile, auto stocks declined on sharp drop in monthly sales, while stocks of telecom service providers – Bharti Airtel, Idea Cellular – were hit by worries about intensifying competition with the extension of freebies offered by Reliance Jio (RJio) till March 2017. Finally, the NSE’s 50-share broadly followed index Nifty, suffered a cut of about a per cent to settle below the crucial level of 8100, while Sensex slipped around 329 points to end the session at 26230.66. European bourses closed lower on Friday as investors braced for Italy’s constitutional-reform referendum that could trigger a fresh wave of Eurozone jitters. The French CAC 40 ended lower by 0.70 per cent at 4,528.82 while the U.K.’s FTSE 100 and German DAX were down 0.33 per cent and 0.2 per cent respectively.U.S stocks struggled for direction on Friday with the Dow Jones industrial average finishing lower and the S&P 500 and the Nasdaq closing with marginal gains as investors digested a weaker-than-expected payroll, favouring sectors viewed as safe in economically uncertain times. The Dow Jones industrial average closed down 21.51 points at 19,170.42. The S&P 500 finished up 0.87 points at 2,191.95 and Nasdaq closed up 4.55 points at 5,255.65.Most of the Asian markets on Monday are trading in negative territory as the euro dropped to 20-month low as investors assessed the implications of the resignation of Italian Prime Minister Matteo Renzi after he suffered a humiliating defeat in a referendum over constitutional reforms. The Shanghai composite shed 0.93 per cent, while Nikkei 225 slipped 0.64 per cent. In Hong Kong, the Hang Seng index is trading flat up by 0.11 per cent.At 7:53 am, SGX Nifty is trading 1 point lower at 8113, indicating a muted start for the domestic market. Markets are likely to remain volatile in the wake of Italian Prime Minister Matteo Renzi’s resignation, following a heavy defeat in Sunday’s constitutional referendum.
Markets to open flat to negative; Renzi’s resignation to fuel volatility
by SGX Nifty · December 5, 2016
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