US markets were closed on the last trading day of the year.
The Indian market is likely to make a cautious opening on the first day of the New Year after its worst annual performance ever since 1980, shaking the confidence of retail investors as well as expert investors alike.
Yesterdays’ trading was a dismal performance to end the year and the outlook for the 2009 too seems to be unclear bogged by uncertainties around the world relating to the slowing economy and general elections due in April-May this year at the domestic front.
The US market snapped the year 2008 with gains but the Asian markets are today. The inflation figures are due on the first day of the New Year, though it is continuously declining, the fear of a deflation looms large as inflation is expected to reach as low as 1% by March this year and may even turn to negative. The market scenario will also be deeply influenced by the sharply slowing corporate earnings.
On the US market, the Dow Jones industrial average closed up 108 points, or 1.25%, at 8,776.39, while the Standard & Poor’s 500 Index gained 12.61points, or 1.42%, at 903.25. The Nasdaq Composite Index closed up by 26.33 points, or 1.70%, at 1,577.03.