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Market Report

Monday, 03-Dec-2012

NSE

  • The Sensex, which had rallied 835 points in last four sessions, fell by 34.58 points or -0.18% to settle at 19305.32. The broad-based National Stock Exchange index Nifty today fell by 8.90 points or -0.15% to close at 5870.95, after touching the day's low of 5854.60.

  • Last week, the gauges had posted their biggest gain in almost six months on heavy capital inflows. Brokers said after a steep rise of 4.5 per cent in benchmark indices in the past week, stocks attracted profit booking and this mainly halted the strong rally.

  • Snapping a four-day rally, our markets today fell from its 19-month high on emergence of profit-selling by investors ahead of the impending decision in Parliament on FDI in retail, that will test the Congress-led UPA government's ability to push through key reforms. The Rajya Sabha has decided to have a discussion on December 6 and 7 on the issue, soon after the Lok Sabha which will have a similar discussion on December 4 and 5.

  • The Asian markets also ended on a subdued note on concerns that stagnant US budget talks could threaten to derail the world's largest economy. The European markets inched higher early today, on the back of improving manufacturing data from China.

  • Back home, India's manufacturing sector beat the expectations of economists to grow at its fastest pace in five months in November, boosted by strong export orders and a surge in output, a business survey showed on Monday. The HSBC manufacturing Purchasing Managers' Index (PMI), which gauges the business activity of India's factories but not its utilities, rose to 53.7 in November from 52.9 in October.

  • People should hope for levels higher than 6000 in Nifty, says Ashwani Gujral. I am hoping that today people who did not get in are getting in because once the market starts rolling again you will not get the opportunity to get into positions. As long as we hold up levels about 5815-5820 (Nifty), this should be a mild correction and the one that people should get into and finally hope for levels higher than 6000, says Ashwani Gujral.

  • Markets may dip slightly in December; buy on declines at levels around 5780-5750, says Shardul Kulkarni. A dip towards the 5780 - 5750 band in the month of December would be an ideal opportunity to latch on to the existing optimism. I still continue to mention my previous view that the bulls will attempt to scale the 6000 peak at least once. Fortunately, we are just about 100 points away from that level and considering the momentum, I might have to revise my targets on the higher side to 6070 or even 6150 on the Nifty, he adds.

NIFTY 3-Month

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