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Market Report

Monday, 02-Dec-2013

NSE

  • The 30-share BSE index rose by 106.08 points, or +0.51 per cent to close at 20,898.01 today, after touching the day's high of 20,941. In three days, Sensex has gained over 477 points. This is the index's highest closing since 20,974.79 on November 5. The 50-share National Stock Exchange index Nifty rose by 41.75 points, or +0.68 per cent, to close at 6,217.85 today at nearly 1-month high buoyed by better-than-estimated second quarter GDP growth and November manufacturing data, led by stocks of healthcare and capital goods.

  • Brokers said 4.8 per cent growth in second quarter GDP bettered analyst estimates and the improvement in HSBC India manufacturing index for November boosted domestic markets. The HSBC India Manufacturing Purchasing Managers' Index (PMI) for the manufacturing industry climbed from 49.6 in October to 51.3 in November on the back of a rebound in new orders and output. This was the first manufacturing PMI reading above 50.0 since July and is the highest in 7 months.

  • Market participants seem to be betting on an economic turnaround as investors created fresh positions in small caps and mid caps too other than banks, said dealers. The broader markets outperformed the benchmark indices in noon trades as investors shifted focus to fundamentally sound mid-cap and small-cap shares available at attractive valuations.

  • The rupee rose to a near two-week high against the dollar on Monday as worries about the economy eased after a private survey showed the country's manufacturing sector returned to growth last month. At 3.51pm, the rupee slipped to Rs 62.26 after gaining to as high 61.9650 against the dollar, its highest since Nov 19. It had closed at 62.44/45 on Friday.

  • Worldwide, Asian markets were trading firm on better-than-expected PMI data from China. The government of China said that manufacturing growth stood at 51.4 in November against expectations of just above 51.

  • Sensex rising, but traders shouldn't conclude fresh uptrend has kicked in, say experts. If Nifty manages to trade and consolidate consistently above 6,200 through the week then the balance shall substantially tilt towards the bulls, they say.

NIFTY 3-Month

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