Key indices are set to open a tad higher, supported by positive finish in the US and Europe. Crude oil has crossed $90, which again is not making life any easier for the policymakers. Copper prices are also near record highs after appreciating ~30% this year.
The political scene is in a state of tumult. The BJP has upped its ante demanding the Prime Minister’s resignation or a JPC probe. The Finance Minister has offered to hold a special parliament session to break the logjam and discuss the Opposition demand for a JPC to probe the 2G spectrum allocation scandal. Spiraling prices of onions, the Gujjar agitation and Mamata Banerjee threatening to go alone in WB polls are just some of the added worries for the UPA.
Back to markets, trading volumes have eased off ahead of Christmas and year-end. Overall trend has turned rather lackluster. Asian markets are largely subdued. Japanese markets are shut today. Concerns on the Korean geo-political situation may prevail as Seoul is likely to conduct more military exercises. Most overseas markets will be shut on Friday ahead of Christmas.
