Market Outlook - 24th Nov 2016

Published on Nov 24th 2016


Indian market is expected to open on a negative note tracking the SGX Nifty. The US markets made new record closing highs at the end of Wednesday session on low trading volumes. A US Commerce Department report showed a sharp uptick in durable goods orders for the month of October. Durable goods orders increased by 4.8 percent in October after rising by 0.4 percent in September. This was against expectations of an increase of 1.5 percent compared to a 0.3 percent drop in September. The FTSE closed slightly negative on Wednesday as lower crude oil prices kept energy stocks subdued. Stocks also reacted negatively to the Chancellor of the Exchequer statement that the growth of the UK economy is likely to slow drastically next year. The UK government has cut its growth forecast for next year from 2.2 to 1.4 percent. Indian stocks continued from their rally from Tuesday as value buying kept prices firm during the trading session. Metal and pharma indices were the major gainers

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