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Market Report

Thursday, 29-Nov-2012

NSE

  • After rising to a day's high of 19,205.33, Sensex closed with a gain of 328.83 points or +1.75% at 19170.91 today. This is the third straight day the benchmark has gained. The 50-share National Stock Exchange index Nifty closed 97.55 points or +1.70% higher at 5825.00 today. The Nifty touched an intra-day high of 5833.50 with fantastic volumes.

  • The BSE benchmark Sensex today regained 19000 level after nearly two months by surging 329 points on heavy buying over optimism that government will push through economic reform initiatives and Goldman Sachs' upgrade of Indian stocks further boosting sentiments. S&P CNX Nifty Index may rise 14 per cent by 2013-end, Nifty-6600 by Dec-2013, Goldman Sachs Group Inc said in a report today, upgrading its recommendation on India to overweight from market-weight.

  • Brokers said investors appeared confident that the UPA government will excel in a trial of strength over FDI in retail issue to be witnessed in Parliament next week. The Lok Sabha has decided to have a discussion on December 4 and 5 on the issue under a rule that entails voting.

  • Markets rose sharply for the second successive day and we touched new calendar year highs during the day. Markets have started factoring in some further announcements on fiscal reforms with the deadlock on retail FDI issue being resolved and discussion expected to happen next week.

  • A smooth ending of the current month's settlement in the derivative segment and a higher global trend as optimism grew that US President Barack Obama will reach an agreement with Congress over a new budget, further influenced the sentiment.

  • On the global front, Japan's Nikkei share average rebounded from the previous session's one-week closing low. Firm opening of the European markets during late noon trades further boosted sentiments.

  • Market in a mood to give money, buy and stay long, says Ashwani Gujral. The way the market is moving up, it gaps up and it closes at the highs of the day. This shows that extremely strong institutional buying is behind this rise. So this is not going to peter out in hurry. So the whole idea is that the market has turned the corner. In the next 7, 8, 10 days, you are going see a lot of gain. So just hang in there and stay long, he says.

  • Nifty all set to hit 5900-6000 levels soon, as per Analysts. Traders, particularly option writers, seem to have been caught unawares by the sudden spurt in the markets and are now being forced to exit trades, adding fuel to the fire, they say. We expect the markets to remain bullish going forward and are all set to hit the 5950 levels over the next couple of weeks, adds analysts.

NIFTY 3-Month

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