Equity Market Trend

Market Snippet:

Benchmark indices traded volatile on the very first trading session of week and ended flat on account of concern over the FOMC’s two day meeting on monetary policy which will conclude tomorrow. Besides, manufacturing sector growth in India hit a 22-month high in October, driven by a sharp and accelerated increase in new orders. The Nifty ended the session to close at 8626.25 i.e. 0.55 points higher. Eicher Motors, Hindalco and Tata Steel were the top gainers of the day while Axis Bank, Sun pharma and Kotak Bank were the top losers of the day.

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Global Markets Update:

1). European Stocks were weak in initial trades on Friday on some disappointing earnings from some major corporate but saw mild recovery in later trades from their bottom levels. Overall weakness is on charts ahead of US GDP data due later today.

2). Anheuser-Busch Inc declared weakest quarterly earnings as margins collapsed on recession faced in Brazil. Volumes tanked for the fourth straight quarter by 4.1 percent from 6.4 percent.

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