MARKET OUTLOOK (POST-SESSION : 08/11/11 )



Category : Market Commentary
Headline : Post Session Market
Date : Nov-08-2011 16:21
Today, both the markets managed to close in the positive terrain on the back of buying interest during the final hours of trade.The BSE Sensex closed at 17569.53, up by 6.92 points or 0.04% from the previous close, while the NSE’s broad-based Nifty advanced by 5.15 points or 0.10% to close at 5,289.35. The BSE barometer touched an intra-day high of 17,632.23 and intra-day low of 17,455.22. The BSE Midcap finished the day at 6,311.51, up by 13.12 points or 0.21%, whereas the BSE SmallCap closed at 6,946.05, reflecting a decrease of 12.08 points or 0.17%.

The positive closing for the overnight US markets had boosted the sentiment in the domestic front during morning trade. The Dow Jones Industrial Average (DJIA) closed higher by 0.71% or 85.15 points at 12,068.39, the Nasdaq Composite ended up by 0.34% or 9.10 points at 2,695.25 and the S&P 500 index closed higher by 0.63% or 7.89 points at 1,261.12. Soon after witnessing a positive start, the benchmark indices were seen paring the gains and dipped into the negative terrain. The sentiment was dampened as the participants remained cautious over Italy’s debt situation. Experts are of the opinion, that after Greece, the debt crisis may loom over Italy. As the day progressed, the market entered a tight range with negative bias. However, during the final hours of trade, the benchmarks recovered smartly and surged above the baseline. The rally was led by Banking major SBI which closed 1.70% higher. Finally, the benchmarks closed with modest gains. The Oil&Gas, Power, Capital Goods and Banking space were the major contributors to the market upmove during the final hours of trade, advancing by 0.20%, 0.19%, 0.15% and 0.14%, respectively. However, the Realty sector traded weak throughout the session before closing 1.38% lower.

The top gainers of the BSE Sensex pack were State Bank of India (Rs. 1997.55,+1.70%), Tata Motors Ltd. (Rs. 189.55,+0.82%), Hindalco Industries Ltd. (Rs. 139.65,+0.47%), Sterlite Industries (India) Ltd. (Rs. 123.70,+0.45%) and Hindustan Unilever Ltd. (Rs. 380.45,+0.42%), among others.

Of the 30-Sensex components, 17 stocks ended in the negative terrain, whereas 12 ended in the positive zone and 1 remain unchanged. However, the overall market breadth turned positive, as out of total 2,964 shares traded on the BSE, 1,434 stocks advanced, while 1,399 stocks declined and 131 stocks remain unchanged.

In the macroeconomic front, as per data released by the Indian Commerce Ministry, the country’s for the month of October 2011 grew by 10.8% year-on-year to USD 19.9 billion. Besides, imports during the same period expanded by 21.7% year-on-year to USD 39.5 billion.

On the global front, the major indices in Asia closed on a mixed note. The Hang Seng, Jakarta Composite and Straits Times advanced by 0.58 points at 19,678.47, 0.73% at 3,805.65 and 0.64% at 2,866.52, respectively. On the flipside, the Shanghai Composite, Nikkei225 and Seoul Composite declined by 0.24% at 2,503.84, 1.27% at 8,655.51 and 0.83% at 1,903.14, respectively.

Meanwhile, the European markets were trading in the positive terrain. Key benchmark indices like – the FTSE 100 increased by 1.16% at 5,574.79, the CAC 40 index was trading higher by 1.66% at 3,155.05 and in Frankfurt, the DAX index was trading up by 1.73% at 6,031.02.

In the corporate front, shares of J. Kumar Infraprojects Ltd. declined by 1.85% at Rs. 148.40, despite of the company reporting that it has bagged orders worth Rs. 600 crore.

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