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Market Report

Wednesday, 30-Nov-2011

NSE

  • It was a choppy day for the Indian market which traded up and down for the most part but managed to rally towards the end to give a positive closing. Support came in from oil & gas, technology, FMCG sectors but realty and infra stocks were weak in trade today. Sensex shut shop at 16123, up 115 points and Nifty at 4832, up 26 points from the previous close.

  • Top Nifty gainers today were Power Grid, ONGC and DLF while losers included SAIL, Sterlite Industries and Ranbaxy.

  • The Nifty could bottom out at 4200-4300 between now and February and from March onwards we could get a cyclical rally because of a cut in interest rate, says Prashastha Seth of IIFL on NDTV Profit. Global markets are to remain choppy and volatility to continue in the Indian market in December, he adds. He sees support for the Nifty at 4650.

  • GDP Data: Q2 FY12 GDP data has come in at 6.9% versus 7.7% (QoQ), reports NDTV Profit. Q2 manufacturing output has come in at 2.7% versus 7.8% (YoY), mining output is at -2.9% versus 8% (YoY), electricity and gas output is at 9.8% versus 2.8% (YoY), farm output is at 3.2% versus 5.4% (YoY), construction output is at 4.3% versus 6.7% (YoY) while trade and hotels output is at 9.9% versus 10.2% (YoY), adds the channel.

  • July-September GDP growth is well below budget projections and we expect FY'12 GDP growth at 7.3%, says Indian Finance Minister Pranab Mukherjee, reports NDTV Profit. Global factors are hurting India's economic growth, he adds, says the channel.

  • Most of the negative news have been factored in and we should end this year on a better note, says Sanjeev Bhasin, investment advisor, on NDTV Profit. He expects 52 to act as a strong base for the Indian rupee.

NIFTY 3-Month