GDP below expectations eroded early gains

29th Feb.2012 Closing market updates 15:48

A volatile session ended flat after disappointing GDP data. Spot Nifty ended at 5383.5 with a gain of just 8 points after making an intraday high of 5458.8 and making low of 5352.25. March month's Nifty Future closed at 5435 with a premium of 51.5 points, adding 8.27% in OI.Sensex ended at 17742.71 by adding 11.59 points to its yesterday's closing.


GDP at 6.1%
Country's economic growth slowed to its weakest annual pace in almost three years in the three months to December, as high interest rates and rising input costs constrained investment and manufacturing. Gross domestic product rose 6.1 per cent in October to December compared with a year earlier, a lower than expected increase, figures from government data showed. That marked a sharp pullback from 6.9 per cent growth in July to September and was the seventh successive quarterly slowdown, providing a gloomy backdrop for a central bank policy meeting and federal budget, both due in just over two weeks. The median forecast of economists in a Reuters poll was for GDP to rise 6.4 per cent. The outcome of 6.1 per cent was the weakest in 11 quarters. 


Among BSE Sectoral Indices, Oil&Gas gained the most by 2.16% and Capital Goods was the top loser by 1.79%.
In Nifty50 stocks, SAIL gained the most by 3.76%and ended at 103.5 followed by ONGC on its stake sale news, ended up by 3.46% at 293.2 and LT was the top loser by 3.28% to end at 1304.50.LITL was the top traded stock by the traded quantity on NSE whereas SBIN was the turnover topper by the traded value on NSE.
Advance/Decline ratio was negative as stocks declined and stocks gained today on NSE.


Major Global Indices :


Hang Seng : +111.35
Nikkei : +0.72
FTSE : +3.39
CAC : +20.96
DAX : +64.08
Dow Futures : +16.00
Nasdaq Futures : +3.75

Nifty on 2months' high, wept previous losses.

Market gained today even after mix global indices.Hangseng ended into negative and Nikkei closed marginally up. But European markets have gained more than 1.5% at the time of closing session of Indian markets.Nifty ended at new high after 8th Nov.2011,ended at 5240.9 with a gain of 41.65 points.Sensex closed at 17314.38 with 120.83 points gain.
Among BSE Sectoral Indices, Metal index shone by 3.13% rise.Capital Goods was among the top gainers by 2.3% after Metal Index.Consumer durable index was the top loser by shedding 1.35%.
In Nifty50 stocks, Tatapower gained the most by 6.54% and ended at 110.7 whereas Coal India was the top loser by 2.95% and ended at 317.55. Arevat&d was the turnover topper by the traded quantity and the value.
Advance/Decline ratio was positive by 2.51 : 1 as 1005 stocks gained and 400 stocks declined today on NSE.
If spot Nifty crosses 5260 level on closing basis consecutively, the downtrend will come to an end.


Delivery Recommendation : 


Finpipe at cmp with a stop at around 51(closing) for Trg 66.




Major Global Indices :


Hang seng : -57.12
Nikkei : +7.28
FTSE : +81.08
CAC : +54.35
DAX : +132.82
Dow Futures : +99.00
Nasdaq Futures : +13.50