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Market Report

Friday, 10-Jan-2014

NSE

  • The Sensex today finally settled with a gain 45.12 points, or +0.22 per cent, at 20,758.49. This was the barometer's best daily gain this year. On a weekly basis, it fell by 93 points and logged the second straight drop. Similarly, the 50-share NSE Nifty closed up by 3.10 points, or +0.05 per cent, at 6,171.45 today, after climbing to 6,239.10 in intraday, on slowing export growth and caution ahead of IIP data release. The upsurge came after our market gave a thumbs up to Infosys's Q3 FY14 results and upbeat December trade deficit figures released today.

  • After a positive opening, the BSE benchmark shot up to a high of 20,971.23 points fuelled by rise in IT stocks after Infosys posted a 21.4 per cent rise in net profit in December quarter and raised its revenue growth outlook for this fiscal. However, the 30-share index later fell to a low of 20,625.17 as participants booked profits in banking, capital goods, realty and power shares.

  • Brokers said a firming trend in global stock markets as traders awaited key jobs data due out of the US, helped the domestic markets to close in the green. December export growth eased to a six-month low of 3.49 per cent, dampening sentiments ahead of IIP, said traders.

  • On the global front, Asian share markets stayed soggy on Friday after Chinese trade data proved to be a mixed bag, leaving investors with little incentive to take positions ahead of the US jobs report.

  • In a development after market hours today, dashing hopes of recovery, industrial production (IIP) contracted by 2.1 per cent in November, the lowest in six months, mainly due to poor performance of manufacturing sector and lower output of consumer goods particularly white goods. Factory output, as measured in terms of the Index of Industrial Production (IIP), declined by one per cent in November 2012.

  • Deutsche Bank sees beginning of a bull market in India, pegs Sensex at 24,000 by year end, says a report at Economic Times. The brokerage has set its December 2014 Sensex target at 24,000 implying an upside of around 16 per cent from current levels, says the report.

NIFTY 3-Month

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