*Morning comments (HDFCSec Retail Research)*

*Indian markets are set to open flat to mildly higher on lack of decisive global cues.*

U.S. markets were closed Thursday, November 28, in observance of Thanksgiving.

Stocks in the Asia-Pacific region plunged in early trade on Friday as geopolitical tensions worsened with Russia's warning to strike Kyiv with new ballistic missiles, following its attack on the power system in Ukraine.

Hong Kong shares edge lower, dragged by home appliance and tech stocks. Investors are watching for the December Politburo and central government work conference for more signals on China’s next stimulus to boost the economy.

Japanese stocks were lower, dragged by falls in auto and electronics stocks, as uncertainty over U.S. trade policy continues. Nikkei dropped 0.7% as the yen surged after Tokyo's inflation data. Data showed core consumer prices in Japan's capital accelerated in November and stayed above the central bank's 2% target in a sign of broadening price pressure.

Gold prices edge higher in early Asian trade on the prospect of a December Fed rate cut after the U.S. personal consumption expenditure data came in line with expectations.

BEML has secured a Rs 2,501 crore contract from Chennai Metro Rail, ONGC makes four oil discoveries in Ashokenagar, Adani Ports sign agreement for development a Seaport in Kerala.

Nifty failed to surpass the crucial resistance of 24350 in the early morning trade on November 28 and reversed south after making intraday high at 24345. From the day’s high, Nifty nosedived more than 470 points on the November F&O expiry day. Nifty finally ended the session with the loss of 1.49% or 360 points, to close at 23914.

The next support for the Nifty is seen at 23780-23850 band, while resistance for the same has shifted down to 24135-24150 band. Confirmation of higher bottom reversal is likely to open another round of buying in the market.

*(HDFCSec Retail Research)*

US Stocks Hit Record High on Israel Cease-Fire Deal

US equity markets surged to all-time highs as investors looked past Donald Trump’s tariff plan, with geopolitical risks

abating after Israel and Hezbollah reached a cease-fire agreement.

Wall Street posted its seventh straight winning session and new all-time highs despite tariff worries, with the S&P 500 notching its 52nd record this year

lifted by hopes for another Federal Reserve rate cut and a mega-cap revival.

U.S. short-term interest-rate futures pared earlier losses after the Fed's latest minutes showed officials appeared divided over how much further they may need to cut interest rates.

The U.S. dollar advanced versus major currencies. In the commodity space, WTI oil traded lower as Israel and Lebanon reportedly agreed to a ceasefire.

The personal consumption expenditure (PCE) index for October will be released on Wednesday, with forecasts calling for inflation to rise to 2.3% annualized, up from 2.1% the prior month. The Conference Board's Consumer Confidence Index for November rose to 111.7, a gain of 2.1 points from a revised 109.6 the previous month and the best number since mid-2023.

Europe was down as markets assessed the global implications of potentially higher U.S. tariffs.

China’s industrial profits dropped by 10% in October from a year ago, in another sign that Beijing’s stimulus measures have yet to reverse a slump in corporate earnings.

That followed a 27.1% year-on-year decline in September, the steepest plunge since March 2020.

In corporate news - Exide Industries invests to Rs. 100 cr in EV battery arm, Vedanta to invest $2 billion in Saudi copper-processing facilities and Angel One's AMC arm gets SEBI's approval to launch mutual fund business.

Nifty ended marginally lower on Nov 26 after failing to hold on to higher levels of the morning. In the process, it snapped its two–session rally. At close, Nifty was down 0.11% or 27.4 points at 24194.5.

Defence, Banks, Telecom shares saw large volumes with some buying interest.

Nifty formed an engulfing bear pattern on daily charts though the day-on-day loss has been minimal, and the size of the candle is small. The up-gap made on Nov 25 has still not been filled. Nifty could now stay in the 23842-24503 band for the near term, though the rise in the Index from here could be laboured.

Indian markets are likely to open higher in line with positive global cues.

The Dow Jones Industrial Average logged a record close on Monday, as U.S. Treasury bonds saw their biggest rally in nearly four months after President-elect Donald Trump selected Scott Bessent as his nominee for Treasury secretary.

U.S. President-elect Donald Trump said on Monday that on his first day in office he will impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China. The announcement sparked a dollar rally. It rose 1% against the Canadian dollar and 2% against the Mexican peso, while share markets in Asia fell, as did European equity futures ratcheting up concerns about his America First policies.

Crude oil prices on Monday settled sharply lower on the back of speculation over a cease-fire in Lebanon, combined with what appears to be restraint on the part of Iran.

Gulf oil renews partnership with Piaggio India for cobranded lubricants till 2030

Ashoka buildcon receives LOA from NHAI projects worth Rs. 1391 cr

KEC international wins new orders worth 1114 cr

Asian shares were mostly lower on Tuesday on the back of Trump’s threat to impose tariffs on China, which could have an impact on other Asian economies.

Nifty rose again on Nov 25 adding nearly 4% in two consecutive sessions of gains to regain its losses on a month-on-month basis. At close, Nifty was up 1.32% or 314.7 points at 24221

In the near term 24500 could still pose some resistance for the Nifty while 23900 could offer support.

Indian markets could open flat to mildly lower, in line with mostly lower Asian markets today and despite positive US markets on Nov 25