– Indian markets closed in green. Positive news coming out of US and European markets have made Nifty to close above its key psychological level of 8000. Some of the sectors have seen extreme volatility today. PSU OMCs (Public Sector Oil Marketing Companies) went up today as international crude oil prices have fallen down today, which is good for us as India have to pay less dollars for the same quantity of oil imported. But the slide in INR against Dollar will contain (restrict) the benefit of low international crude prices.
– Pharma sector went through a roller coaster ride today. Ranbaxy and Sun Pharma went up after the Q2 results announcement. Whereas, Lupin declined after posting weak results. Shares of public sector banks (PSBs) went up today also because of Finance Minister’s comment of reducing government’s stake to 52% in the banks in order to allow PSBs to raise additional capital to meet BASEL III norms.
– Indian markets are expected to remain volatile in November too as traders are going for roll over in F and O segments. Some mega events are likely to come up in the coming month like deregulation of diesel prices and new pricing policy over natural gas. OMCs, Pharma and Auto are in focus. Government is likely to propose a bill in winter session to establish a statutory body which will regulate real estate in this country. Regulatory requirements will make business proceedings safe for consumers but will contain (restrict) company’s from generating high abnormal profit.
– US Fed is likely to come up with their monetary policy statement today in FOMC meeting. Currency, equity and commodity markets are waiting anxiously to have favourable outcome. Heavy volatility is expected to come in market post announcement.
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