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Market Report

Friday, 27-Nov-2015

NSE

  • The S&P BSE Sensex ended the day 169.57 points, or +0.65 per cent, higher at 26,128.20 today while the 50-stock barometer Nifty50 closed at 7,942.70 up 58.90 points or +0.75 per cent. The benchmark indices ended the week higher with the BSE Sensex climbing one per cent and Nifty50 +1.10 per cent. Hindalco and SBI were the top gainers on the BSE benchmark.

  • On the first day of December F&O series, Sensex and Nifty outperformed global peers on the back of buying demand among sectors like financials, metal and capital goods. Investors took fresh position on hopes that the government would pass a key reform on a goods and services tax (GST) in the ongoing winter session of the Parliament.

  • The government plans to roll out GST from April 1, 2016, and it can potentially boost India's GDP by 100-200 bps, said experts. GST is touted to be a gamechanger for the economy. But the impact of these tax reforms, whenever they come, will not be immediate. Yet, it will be a big sentiment booster for the market, say experts. Prime Minister Narendra Modi today reached out to Congress President Sonia Gandhi and former prime minister Manmohan Singh to ensure smooth passage of the GST bill. This gave a big boost to our markets today.

  • As it is the market that has been oversold as FIIs continue selling, we are seeing that the domestic inflows seem to be increasing which is providing support to the market to a very great extent, said Vivek Mahajan of Aditya Birla Money. Expectation of progress on the GST front is very high and that is something which is driving the interest at this point of time. In the month of December, the market will remain rangebound. But definitely, we could be seeing a build up taking place ahead of the Union Budget. The Nifty50 may be at 8,500 by then. Definitely, the index should be crossing that level by end-February, he says.

NIFTY 3-Month

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