Rally continues
Markets ended with gains for the second consecutive week. The Nifty broke out of the 4686-4800 trading range in the process and gained 2.51% W-o-W. Reflecting the positive sentiments, market breadth was positive in all the five trading sessions of the week.
The biggest gainers from the CNX 500 were Uttam Steel, LITL, IB Power and Rel Industrial Infra. The biggest losers were Sterling Bio, Indraprastha Gas, Infy, TCS and Network 18.
Indian Markets
Food prices fell for the second consecutive week as food inflation remained in the negative zone at (-)2.90 % for the week ended December 31, 2011. Food inflation, as measured by the Wholesale Price Index (WPI), stood at (-)3.36 % in the previous week. It was above 19 % in the corresponding week of 2010.
India's industrial production grew 5.9 per cent in November, aided by a robust 6.6 per cent growth in manufacturing output while production of capital goods continued to fall. Mining output growth remained in the negative territory in November too (-4.4 per cent as against -6 per cent in October and 6.9 per cent in November 2010) while capital-goods production, an indicator of business investment, shed 4.6 per cent, having risen 25.7 per cent a year earlier.
India's non-food credit offtake went up by just 16.1% to Rs 44.99 lakh crore during the year ended December 30, 2011, reflecting the impact of the high interest rate regime.
Key Sectoral Movement
Barring BSE IT, which fell by 6.9% all the other sectoral indices ended in the green. The top gainers were Realty, Metals, Power and Capital Goods, which rose by 13.1%, 9.8%, 8.6% and 8.5% respectively.
Outlook of the week
With the markets ending with gains for the second consecutive week, the short term trend continues to remain up. Immediate upside targets for the Nifty in the coming week are at 4910. Crucial supports to watch on the downside are at 4840-4800.
Sources- hdfcsec
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