Indian equity markets are closed today on account of Gurunanak Jayanti today, 30 Nov 2020.
The benchmark indices closed lower on Friday after hitting all-time highs during the week. BSE's Sensex closed 110 points lower at 44,149 while NSE's Nifty 50 dropped 18.05 points to 12,968.
Going ahead, the markets are set to open the week in reaction to Gross domestic product (GDP) data released at the end of last week and progress in vaccine arrangements for India. The government data showed on Friday recorded that India's GDP contracted by 7.5% for the July-September quarter when compared to the corresponding period last year. The data confirmed doubts that India entered recession in the second quarter of FY 2020-21 after contracting 23.9% in the previous quarter.
Crude Oil: In the commodity, Crude oil prices hit their highest level since March 2020 on expectations that successful COVID vaccines may lead to quick global economic recovery and thus increase the demand for oil. Strong refinery demand from China amid OPEC allies record compliance and optimism of further supply cuts also supported prices.
The global benchmark NYMEX crude surged above USD 46 a barrel last week while its Asian counterpart Brent crude had risen to nearly USD 50 a barrel. Meanwhile, domestic futures prices at the Multi Commodity Exchange (MCX) platform gained more than 32 percent from its November first week lows.
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