MARKET OVERVIEW -WEEKLY SNIPPETS (28 NOV TO 2 DEC. 2016) BY MONEYMARKETMANTHAN 3 Dec 2016

                                                         

The week passed seeing the markets bouncing back from a low of 7916. The Nifty ended 0.5 percent higher Week-of-Week. This week’s gains came after 4 weeks of losses. Nifty traded with bearish bias during the passing week and slipped below 8000 mark. However, sharp recovery attained on Friday helping index to settle on flat note showing uncertainty among the participants. Market breadth was positive in 4 out of the 5 trading sessions of the week. Negative sentiments was prevailing amidst volatility rise expectations.

The Indian rupee posted its biggest weekly gain against the dollar in over 2 months. Gold prices closed at the lowest level in 9 months on Friday as hope for higher US interest rates continued to cloud the demand outlook for the precious metal. Safe demand for gold has been hit since the US presidential election in the midst of expectations that increased fiscal spending and tax cuts under the Trump admin will spur economic growth and inflation.

Oil futures moved sharply lower on Friday as the OPEC-fueled rally in oil prices faded, with focus now turning to how far major oil producers will taper their output.

Indian economy is expected to get a new sunrise with Government’s demonetization drive as a positive impact on the economy in the long term since more people will move towards digital transactions.  

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