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Market Report

Friday, 02-Dec-2011

NSE

  • It was a strong close for the Indian market on the last day of a mixed week following a post-lunch rally which posted broad gains in most sectors, particularly banks, metals, oil & gas and auto. Sensex shut shop at 16846, up 363 points and Nifty at 5050, up 113 points from the previous close.

  • Top Nifty gainers today included Ambuja Cements, Tata Power and BPCL while losers were Hero MotoCorp and Ranbaxy.

  • This week provided the biggest weekly gains for the Indian markets in 2.5 years despite witnessing highs and lows throughout on mixed cues emanating from global markets. Relief rallies based on short-covering and profit booking amidst much volatility were the highlights of the past few days' trade. This week's performance was above average and the numbers are: Sensex up 7.3% and Nifty up 7.2%. CNX Midcap index was up 3.3%, BSE Smallcap index up 2.3% over the week.

  • What we are seeing in the market is short covering and not investment buying so I would advise to book profits and stay in cash, says Ambareesh Baliga of Way2Wealth on NDTV Profit. The upside for the Nifty appears to be capped at 5150-5200 and the market is likely to trade rangebound, between 4700 and 5200, he adds.

  • We expect 4700-5200 to be the range for the Nifty for the next two weeks and the markets would take a direction after the monetary policy meet on December 16, says Neeraj Deewan of Quantum Securities on NDTV Profit. He does not think the Nifty would break below 4700.

  • We expect the market to make steady upward progress in 2012, marked by volatility, says Ridham Desai of Morgan Stanley on CNBC TV18. He believes investors will be best placed to choose stocks rather than pursue sector themes and prefers midcaps over largecaps. We expect a 16% upside for the Sensex in 2012, he adds.

NIFTY 3-Month