Indian Markets Closed For Guru Nanak Jayanti

(RTTNews) - Indian markets remain closed today on account of Guru Nanak Jayanti.

The week ahead may see volatility as investors await macroeconomic data and the expiry of monthly derivative contracts.

India's Q2 GDP data and the infrastructure output data for October will be released on Thursday while the manufacturing PMI numbers will be out on Friday.

Automakers may react to monthly sales data releases for November. Investors will also closely monitor movements in bond and oil markets for direction.

Benchmark indexes Sensex and Nifty eked out modest gains last week as yields declined and the dollar weakened amid optimism that the Federal Reserve is done hiking interest rates.

Asian markets were mostly lower this morning and U.S. stock futures declined as investors looked ahead to the release of U.S. GDP data, U.S. PMI figures and Eurozone core CPI numbers this week for important clues to growth and rate outlook.

Traders watched the latest developments in the Middle East after U.S. President Joe Biden said he hopes to extend the pause in the Israeli-Hamas war beyond the original four-day deal to facilitate more hostage releases.

The dollar started the week on a back foot and gold traded firm above the key $2,000 per ounce level while oil prices slipped ahead of an upcoming OPEC+ meeting.

U.S. stocks ended a lackluster shortened trading session narrowly mixed on Friday post the Thanksgiving holiday. Retail shares rose slightly as Black Friday kicked off the holiday shopping season.

The tech-heavy Nasdaq Composite edged down 0.1 percent, while the S&P 500 ended with a positive bias and the Dow inched up 0.3 percent to reach its highest level in well over three months.

European stocks rose on Friday to mark a second week of gains as investors reacted positively to news of temporary pause in fighting in the Middle East.

The pan European STOXX 600 gained 0.3 percent. The German DAX and France's CAC 40 both rose around 0.2 percent while the U.K.'s FTSE 100 finished marginally higher.