The Winter session of Parliament, which begins on Nov 26, would remain extremely crucial for the direction of the stock market, as the government's ability to push through key legislations would be important.

Of this, the Goods and Services Tax (GST) is the single most important piece of legislation that would remain crucial for the markets.

This piece of legislation would remain extremely crucial for the markets and any signs that the legislation would not sail through in the Rajya Sabha, may dampen sentiments.

It's also believed that Arun Jaitley had met Rajiv Gandhi earlier, but there was no information on what was discussed. It's believed that Jaitley met him to extend an invitation for his daughter's wedding.

If crucial reforms do not sail through in the winter session of parliament, here maybe increased selling pressure from foreign portfolio investors. Already these investors seem to be losing patience, as the FII net sales figures indicate.

To make matters worse for the government, the Bihar election debacle, will now ensure that it would not have a majority in the Rajya Sabha even if it does well in the state elections of UP. This means the government has to work with the opposition, especially in the Rajya Sabha, if it wants crucial legislations to be passed. At the moment, the Congress and parties like JDU and RJD, together have as many as 80 seats in the Rajya Sabha, which is way higher than the NDA tally of just 64.

The government has very little choice in the matter at the moment, but to reconcile with the Congress. Raking up issues like Rahul Gandhi's British Citizenship issue, will add a spoke in the wheel for GST implementation.

It's going to be one of the eagerly awaited sessions of parliament. And, if the Rajya Sabha is stalled and does not pass the crucial GST legislation, markets are headed lower.

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