Trading for the week and month began on positive note as key indices closed higher after the outcome of a business survey showed that India's manufacturing activity returned to growth in November 2013 as a strong rise in orders pushed factories to step up production.
The market breadth, indicating the overall health of the market, was positive. The market sentiment was also boosted by data showing that foreign funds remained net buyers of Indian stocks on Friday while DIIs selling has reduced. Asian stocks ended on a mixed note as soft Chinese manufacturing data and weak US holiday retail sales data weighed on sentiment. US holiday retail sales during Thanksgiving and Black Friday rose by the weakest pace since
2009, up 2.3 per cent to USD 12.3 billion. Shares of infrastructure companies rose after SEBI relaxed fundraising rules for infrastructure debt mutual funds in its continued bid to channel long-term capital to finance infrastructure projects in the country. L&T gained as it is evaluating alternatives for monetisation of certain assets of its subsidiary L&T Infrastructure,
through a business trust in Singapore. Metal stocks edged higher as manufacturing in China continued to grow last month. PSU OMCs rose after raising diesel prices.
Front line stocks like Biocon, Eicher Motors, JSW Steel and Pidilite Inds made 52 week high while Bharat Electronics made 52 week low during intraday trades today.
Barring Oil & Gas, all sectors were trading in green led by Banks, Capital Goods, Metal and Health care among others. Both small cap and midcap sectors joined the party with nearly 1 per cent gain at the close.
Top Nifty Gainers were Ranbaxy, HCL Tech, Sun Pharma, Jindal Steel and Axis Bank
Top Nifty Losers were HUL, Power Grid, Gail India and ONGC & Cairn India
Global Markets Updates:
European shares turned red early on Monday as weak manufacturing figures from Spain spooked investors ahead of a busy week on the economic data front. Both NASDAQ and Dow futures started on a mixed note with Nasdaq Futures started positive by 3 points while Dow futures were down by about 4 points down at this evening.
Technical Outlook of Nifty
RSI was at 58, MACD positive above signal line; India VIX was at 23~ which all Indicate that MACD positive is a good sign but VIX at higher levels indicating that market is cautiously bullish. Today, nifty closed above all its moving averages 5 DMA (6120), 20 DMA (6124), 50 DMA (6075) & 200 DMA (5869) indicate that market is technically in bullish mode.
Markets closed on a positive note with all major indices were closed in green while Health Care was the best performing sector today while only losing sector was oil and gas today.
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