Weak start of Asian markets to impact Indian counterparts Today

Asian peers are trading weak in early deals on Friday and this weakness is sure to spill on to the Indian shores as well. The SGX Nifty, which is currently trading almost 10 points below its yesterday close is already reflecting it. Hence, we could witness a modest dip at the opening bell. However, we believe traders and investors would grab this opportunity with both hands to initiate fresh long positions. As the trend remains in the favor of the bulls, buying on the dips is the mantra for the day. Today could be a decisive day for the markets as today the GDP data for the September quarter are to be presented. We have seen over the past couple of months that there is a lot of headlines on the slowdown and how growth has been deteriorating. The all-important GDP data would be out today by 5:30 pm with most estimates ranging between 4.3 to 4.7 per cent; markets have already factored in these numbers. However, anything below this would be a real shocker for the markets.  
 
The markets in Asia were reeling under selling pressure on Friday as market participants remained cautious over the deemed delay of the US-China trade deal. Hong Kong’s Hang Seng led losses as it plunged 1.62 per cent, Japan’s Nikkei 225 has dropped 0.09 per cent but China’s Shanghai Composite was almost unchanged.
 
Back home, key equity benchmark indices scaled to fresh record highs on Thursday. The Nifty jumped 0.42 per cent to settle above the 12,150 mark and BSE Sensex closed at 41,130 up by 0.27 per cent. Another marker on Thursday was that Reliance Industries becoming the first India firm to cross Rs. 10 lakh crores market cap. In the broader markets, Nifty Midcap and Small cap rose by 0.99 and 0.66 per cent, respectively. On the sectoral front, Nifty PSU Bank, Nifty Metal and Nifty Realty were top gainers, while Nifty Auto and Nifty Media were top decliners.
 
As for global happenings, the US stock markets were closed on Thursday in observance of Thanksgiving. Meanwhile, the markets in Europe ended Thursday’s session in red amid concerns over the US passing a House Bill, supporting the protesters in Hong Kong and charging China for human rights excesses, which has not gone down well with China. The markets were worried that this could impact the trade deal. Germany’s DAX lost 0.31 per cent, the CAC 40 has shed 0.24 per cent, and FTSE dipped 0.18 per cent.