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Market Report

Friday, 30-Nov-2012

NSE

  • The Sensex, which had regained 19000 mark level by surging 665 points in last three sessions, spurted further by 168.99 points or +0.88% to 19339.90 today, a level last seen in April, last year. The 50-share National Stock Exchange index Nifty rose by 54.85 points or +0.94% to 5879.85 today.

  • Brokers said the market remained in cheerful mode, rising for the fourth straight day, despite July-September quarter GDP coming at 5.3% year-on-year as investors bought shares in huge volumes today also on hopes of a RBI rate cut in its policy review on December 18 to boost economic expansion, sooner than expected.

  • Analysts said the Sensex gained nearly 4.4 per cent this month on heavy inflow of foreign funds on hopes that the government will push through economic reforms. The undertone of the market remained bullish after Moody's and Goldman Sachs came out positive reports recently.

  • A firming trend in the global markets after data showed the US economy grew more than first expected in the third quarter amid hopes of a deal on averting the fiscal cliff, also supported the uptrend to some extent.

  • In other markets, Asian shares hit a nine-month peak on Friday, as firmer overnight global equities created an upbeat tone. European stocks however dipped today, relinquishing some of the previous session's sharp gains, as mixed signals about US budget talks injected a note of caution into markets.

  • My immediate target for Nifity is 5930-5940 for a few days, says Sandeep Wagle. Well, 5800 was a level where I thought that it would take some kind of breather and spend some more time but I have been wrong on that count. The way it has broken out yesterday or over the last two or three trading sessions, it suggests that 5950-5930 is the next immediate target and I see that happening sooner before any meaningful correction, says Wagle. I do not see 5800 being broken on the downside, he adds.

  • Nifty may reach 6000 levels in a few weeks, says Mitesh Thacker. If you take a slightly longer term horizon given the fact that we have rallied about nearly 250 points in the last three days, we might take a breather, he adds.

  • Government serious about getting growth back, says Vivek Mavani, Independent Market Analyst and Portfolio Manager. Anything that is likely to get growth back, government is going to be supporting those moves, he says.

NIFTY 3-Month

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