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Market may extend gains
30-Nov-18   08:08 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 30.50 points at the opening bell.

Overseas, Asian markets were mixed as investors waited for a highly-anticipated meeting between President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit in Argentina.

Growth in China's services industry slowed for the second straight month in November, an official survey showed. The official non-manufacturing Purchasing Managers' Index (PMI) released on Friday fell to 53.4 from 53.9 in October, but remained well above the 50-point mark that separates growth from contraction.

Growth in China's manufacturing sector stalled for the first time in over two years in November. The official Purchasing Managers' Index (PMI) fell to 50.0 in November from 50.2 in October, data showed on Friday. The 50-point mark is considered neutral territory, indicating no growth in activity or contraction on a monthly basis.

US stocks reversed direction to close lower Thursday as investors' attention shifted to a weekend meeting between President Donald Trump and Chinese President Xi Jinping.

Speaking to the media, Trump said he was close to doing something with China but that he wasn't sure he wanted to, citing revenue from tariffs on Chinese imports. Trump on Thursday tweeted that billions of dollars are pouring into the US Treasury from tariffs and that there is a long way to go.

On the US data front, the number of Americans who applied for unemployment benefits last week rose to 234,000, their highest level in six months, according to the Labor Department.

The Commerce Department reported that consumer spending in October rose by 0.6%, while income rose by 0.5%. The same release showed personal-consumption expenditures, the Fed's preferred measure of inflation, right at the central bank's target of 2% year-over-year.

The National Association of Realtors reported that US pending home sales slid 2.6% in October from September, to their lowest level since June 2014.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 823.47 crore on 29 November 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 973.31 crore on 29 November 2018, as per provisional data.

On the macro front, the government will announce data on September quarter gross domestic product (GDP) later today, 30 November 2018. The Indian economy grew 8.2% year-on-year in the previous quarter, above 7.7% in the previous three months.

Indian equity markets mirrored a rally in global stocks yesterday, 29 November 2018, after dovish comment by US Federal Reserve Chairman pushed up appetite for risk assets. A fall in crude oil prices and a firmness in rupee also boosted investors' sentiment. Domestic stocks gained for fourth straight day. The barometer index, the S&P BSE Sensex, surged 453.46 points or 1.27% to settle at 36,170.41. The Nifty 50 index surged 129.85 points or 1.21% to settle at 10,858.70.

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