Saturday, December 01, 2012
Results of monthly surveys on manufacturing and services sectors and automobile and cement sales data for November 2012 will be focus next week. Auto and cement stocks will be focus as companies from these two sectors will start unveiling monthly sales data for November 2012 from Saturday, 1 December 2012. Markit Economics will unveil HSBC India Manufacturing PMI, which gauges the business activity of India's factories, for November 2012 on Monday, 3 December 2012. The HSBC manufacturing purchasing managers' index (PMI) had nudged up to 52.9 in October 2012 from 52.8 in September 2012. The index has remained above 50, which divides growth and contraction, for over three and a half years.
Key benchmark indices surged to attain their highest closing level in more than 19 months, with investor sentiment boosted by gains in global markets. The barometer index, BSE Sensex, was up 168.99 points or 0.88%, up 153.60 points from the day's low and off 32.80 points from the day's high. Index heavyweight and cigarette maker ITC edged lower in volatile trade. Another index heavyweight Reliance Industries (RIL) also edged lower in volatile trade. The market breadth was positive. Ten of the 13 sectoral indices on the BSE logged gains. Indian stocks rose for the fourth straight trading session today, 30 November 2012. The Sensex has jumped 833.33 points or 4.5% in four trading sessions from a recent low of 18,506.57 on 23 November 2012. The index surged 834.52 points or 4.5% in November 2012. The Sensex has surged 3,884.98 points or 25.13% in calendar 2012 so far (till 30 November 2012). From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 4,204.04 points or 27.77%.
The market settled at over 19-month closing high on hopes that the government would be able to push through a host of reforms measures during the current session of Parliament. Affirmative statement about the Indian economy from ratings agency Moody's also helped the market edge higher. The week's rally was also supported by news that Greece will get bailout fund from the troika of international lenders comprising the European Union, the European Central Bank and the International Monetary Fund (IMF). The BSE Sensex surged 833.33 points or 4.50% to 19,339.90 in the week ended Friday, 30 November 2012, its highest closing level since 27 April 2011. The 50-unit S&P CNX Nifty rose 253.25 points or 4.50% to settle at 5879.85, its highest closing level since 21 April 2011.