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Market Report

Friday, 05-Dec-2014

NSE

  • After opening in the positive zone at 28,604.50, the BSE Sensex surged to the day's high of 28,651.75 on continued overseas inflows and buying by retail investors. Soon after, however, it met with resistance at higher levels and fell back to settle at 28,458.10, a fall of 104.72 points or -0.37 per cent. Intra-day, it had touched a low of 28,409.05. On a weekly basis, the Sensex fell by about 236 points. This is its first weekly drop in seven weeks. The gauge had rallied 120.11 points in the previous session on supportive domestic and global cues.

  • On similar lines, the 50-share Nifty index ended 26.10 points, or -0.30 per cent, lower at 8,538.30 today. It moved between 8,523.90 and 8,588.35 during the session on alternate bouts of buying and selling. Our market buckled under fag-end profit booking in IT, oil & gas and healthcare shares, logging its first weekly loss in seven weeks. In absence of any major cues, equity markets traded dull for most part of the session on Friday but profit taking in the last hour pushed indices in red.

  • Global cues were conducive as Asian bourses ended higher and European markets also were better in early trades. European markes started on a strong note on ECB President's comment that the central bank's commitment to supporting the euro zone economy.

  • Expect Nifty to remain in 8300-8500 range for quite some time, says Sachin Shah of Emkay Investment. We are in the consolidation kind of a phase where markets could remain in a narrow zone, maybe in the range of say 8300 to 8500, for quite some time now. But the undertone in the market continues to remain very buoyant, he says.

  • Expect markets to move marginally higher in near term, says Jonathan Schiessl of Ashburton. We do not really have explicit targets. If you look at most emerging markets, and India is certainly included in that, the next couple of months -- January, February -- are generally the best and strongest months of the year. So we expect the indices to probably move marginally higher from where we are today, he adds.

NIFTY 3-Month

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