A mid-week trading holiday separated the losing part of the week with the gaining half. The BSESENSEX and NIFTY closed with gains of 1% and 1.1% respectively amidst thin volumes. Futures for November series expired on a quiet note with NIFTY losing 227.95 points or 2.81% at 7,883.80 points. The winter session of Parliament has begun with the first two days reserved as a special session on account of the founder of the Constitution’s 125th Birth Anniversary. The same has passed off peacefully on expected lines and the fireworks would begin today when the normal session begins.
RBI meets on Tuesday the 1st of December and it is widely expected that rates would remain unchanged in view of the fact that there is some pressure on inflation on account of food prices. In primary market news two IPO’s have announced definitive dates for their roadshows and issue opening. One is Dr Lal’s Path Labs and the other is from Alkem Laboratories Limited. These issues would open on the 7th and 8th of December respectively. The week beginning 7th December would be the last week for any issue planning to open in calendar year 2015 as then the Christmas holidays begin. The primary market season would then begin with issue opening after the 15th of January which coincides with the kite-flying festival of “Sankranti”.
Markets would closely be tracking activity in Parliament because the fate of GST bill is of paramount importance to the reforms agenda of the country. It appears that the principal opposition is more favourably inclined to discuss issues this time around and there could be some outcome.
Keep your fingers crossed and hope for the best as otherwise the one driving force for the markets would also be lost.
