NIFTY50, SENSEX today: Oil prices, gold & silver outlook, winter session, and other key things to know before markets open on December 1

The GIFT NIFTY futures suggest that the NIFTY50 index will open 135 points higher.

Commodity market: Oil Prices

Oil prices rose more than 1% on Monday, supported by OPEC+’s reaffirmation to hold output steady during the first quarter and by renewed supply concerns stemming from geopolitical tensions.

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday reiterated its plan to pause production increases through the first quarter of next year, maintaining voluntary cuts of roughly 3.24 million barrels per day.

The group signalled a cautious approach as it confronts uneven demand trends and what it sees as a potential oversupply in 2026.

Last seen, Brent crude futures were up 94 cents, or 1.51%, at $63.32 a barrel. U.S. West Texas Intermediate crude was at $59.45 a barrel, up 90 cents, or 1.54%.

Silver hits record high

Silver prices jumped to a record, reinforcing a gain of nearly 6% in the previous session, when a trading outage added to ongoing supply tightness and rising expectations for an interest-rate cut in the US.

"The precious metal rose as much as 1.4% to $57.29 in the spot market, surpassing a peak struck on Friday, when trading on the Chicago Mercantile Exchange was disrupted for several hours by a data centre fault. With Comex futures and options contracts affected, some traders said they had reverted to calling brokers and dealers by phone to hedge their exposures," Bloomberg reported.

Gold prices, outlook

Gold prices in the international market edged lower in the early trade on Monday on profit-booking.

According to analysts, gold prices are poised to remain firm and could edge closer to record highs this week as investors await key US data, Federal Reserve Chair Jerome Powell's speech and the Reserve Bank of India's policy decision.

"Gold moves out of the consolidation range as investors focus on the manufacturing and services PMI data from across regions, US jobs data, and consumer sentiments," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, said.

"Adding to that would be Fed Chair Jerome Powell's speech on Monday, developments over the Russia-Ukraine peace talks and the RBI policy meeting on Friday, all of which will be closely monitored by traders," he added.

India's Q2 GDP Print

The Indian economy recorded a six-quarter high growth of 8.2% in July-September, as factories churned out more products in anticipation of a consumption boost from the GST rate cut, according to government data.

The GDP growth in the second quarter was better than the 7.8% of the preceding three months and 5.6% in the year-ago period.

Manufacturing, which makes up 14% of the country's gross domestic product (GDP), rose by 9.1% in Q2, up from 2.2% in the same quarter last financial year.

Auto stocks in focus

Shares of auto companies will be in focus as the companies will start releasing their November sales data from today.

Global Cues: Asian Markets

Asia-Pacific markets opened mostly in the red on Monday, December 1, as traders awaited fresh manufacturing data from China and rising expectations of a U.S. Federal Reserve rate cut this month.

Japan’s benchmark Nikkei 225 index fell 1.3%, and the Topix index retreated 0.72%.

South Korea’s Kospi index was down 0.66%, while the small-cap Kosdaq advanced 1.29%.

Australia’s ASX/S&P 200 declined 0.23%.

Futures for Hong Kong’s Hang Seng Index pointed to a higher open, trading at 26,022, against the index’s previous close of 25,858.89, reported CNBC.

Wall Street on Friday

US stocks climbed on Friday in thin trading volume, driven by gains in retail and a recovery in tech stocks.

Expectations for a Federal Reserve rate cut in December strengthened throughout the week, helping underpin sentiment across equity markets.

The Dow Jones Industrial Average rose 0.61%, to 47,716.42 points, and the S&P 500 gained 0.54%, to 6,849.09 points, while the Nasdaq Composite added 0.65%, to 23,365.69.

FII activity

After a brief pause in October, foreign investors resumed selling, pulling out a net ₹3,765 crore from Indian equities in November, driven by global risk-off sentiment, volatility in global tech stocks and selective preference for primary markets over secondary markets.

This dip in November came right after a net inflow of ₹14,610 crore in October, an uptick that had broken a three-month streak of withdrawals -- ₹23,885 crore in September, ₹34,990 crore in August, and ₹17,700 crore in July, according to depository data.

Winter Session of Parliament to begin today

The winter session of Parliament will be held from December 1 to 19, Union Parliamentary Affairs Minister Kiren Rijiju had said in November.

The government has listed nine economic bills, including a bill to amend insurance laws and two others to levy tax and cess on sin goods like tobacco and pan masala, for the winter session of Parliament beginning Monday.

Also, the first batch of Supplementary Demands for Grants for 2025-26 would be brought in during the Winter Session, which is scheduled from December 1 to 19.

The government will also introduce two bills in the Lok Sabha on Monday to levy excise duty on tobacco and tobacco products and a new cess on the manufacturing of pan masala.

The Central Excise Amendment Bill, 2025, will replace the GST compensation cess currently levied on all tobacco products such as cigarettes, chewing tobacco, cigars, hookahs, zarda, and scented tobacco.

Stocks in focus