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Market Report

Friday, 29-Nov-2013

NSE

  • The BSE Sensex rose 1.25% on Friday to touch its highest level in two weeks amid heavy buying in banking, public sector companies and capital goods stocks on hopes of better second quarter gross domestic product (GDP) numbers. While the Sensex gained 257 points to close at 20,791.93, the Nifty rose 84.25 points, or +1.38%, to settle at 6,176.10 today.

  • The BSE Bankex, with 2.21% gains, topped the sectoral indices list, followed by the BSE PSU index with 1.88% gains. All 13 BSE sectoral indices ended in the positive zone.

  • The GDP for the second quarter of the current financial year, released after market hours, grew at 4.8%, living up to market expectations.

  • Foreign institutional investors (FIIs) bought shares worth Rs 745 crore on Friday, while domestic institutional investors (DIIs) sold stocks worth Rs 102 crore, according to the pre-vocational BSE numbers. DIIs have generally been net sellers in the Indian markets and foreign institutional investors (FIIs) have been buyers, but DIIs reversed the trend on Thursday by buying shares worth Rs 330 crore, snapping a selling streak of around 12 days.

  • The market is still funded by foreign flows. India, being a three-legged stool, is sitting on only one leg right now, which is FII inflows. The other two, retail and mutual funds, have been largely absent," said Gautam Trivedi, MD & head of equities, Religare Capital Markets.

  • In the week ahead, investors will shift focus to politics for triggers. Voters will decide the fate of Delhi as the state goes to its legislative assembly polls on 4th December, 2013. The winter session of parliament will begin on December 5, and would be keenly watched for policy action. Key macroeconomic data will send counters buzzing with activity as November manufacturing and Services PMI data and major port traffic data for the month April-November, will give an insight whether the green shoots of recovery are visible or weed of sluggishness still engulfs the econoy. Also, the US government will release the influential US non-farm payrolls data for November 2013 on 6 December, which is off-late being keenly watched for any clear direction on the tapering front.

NIFTY 3-Month

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