Asian markets opened in the green with commodities leading the charge as the yen hits 113 to the US$. The Japanese Nikkei stock index has entered a new bull market as exporters benefit from the falling yen. The Nikkei has risen from levels of sub 15000 on Brexit day to over 18000 today, which is further seeing flows unabated as investors chase higher returns in developed markets.
The demonetization drive is coming under severe criticism from the Opposition parties with former Prime Minister Manmohan Singh terming it as a ‘monumental failure’ in its implementation.
Foreign investors are net short 3,086 contracts in the index futures. The rollovers were better than anticipated at 61 pc but much lower than the three-month average of 75 pc. A strong earthquake rattled Central America raising concerns of tsunami waves. Oil prices moved higher ahead of next week’s crucial OPEC meet. & Pharma may be on the cards.