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Market Report

Thursday, 01-Nov-2012

NSE

  • Reversing early losses, the 30-share Sensex bounced back to close with a gain of 56.32 points or +0.30% at 18561.70 today. On the similar lines, the wide-based NSE index Nifty ended 25.35 points or +0.45% higher at 5645.05 after touching a low of 5601.95 in early trade.

  • The Sensex, which had gained 74.53 points in yesterday's trade, opened weak and was down over 60 points at one point. The sentiment reversed as reports of auto sales numbers started filtering in. Besides, a firming trend in the Asian region and a higher opening in the European market, also helped the late recovery on the domestic front, brokers said.

  • Do not see too much of a downside in the market, says Ambareesh Baliga. I suppose the next round of reforms could be possibly a trigger over the next couple of weeks and I will not be surprised if we see levels move towards 5800 levels than breaking 5600 levels, he adds.

  • Markets taking a breather, waiting for implementation of reforms, says Anish Damania of Emkay Global Financial Services. The winter session of parliament is coming up from November 22. This will the test for the initiatives which have been taken by the FM in terms of its implementation. The key thing to watch is the government because markets had a lot of hope when we saw the first step of reforms a month back, so how the follow up actions happen on those will be key in terms of deciding the market's course in the near term, he explains.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)