State of Nifty in India at NSE for week ending 25 Dec 2011
Key benchmark indices snapped its 2 weeks losing streak as the major indices reverses some of its recent losses. It started the week on an extreme bearish note with Nifty closing at a 28 month low on Tuesday's trade. The indices rebounded in the second half of the week bolstered by firm global markets and bargain buying in the beaten down stocks. Nifty recovered 183 points from the week's low of 4531.15, to close the week at 4714 levels.
The Sensex was up by 247.35 points or 1.6% for the week to settle at 15,738.70 whereas the Nifty closed at 4714.00, up by 62.40 points or 1.34%.
Hindustan Unilever, ITC, Steel Authority of India, Reliance Industries, HDFC, HDFC Bank and Tata Motors were the major gainers where as Tata Steel, Larsen & Toubro, BPCL, JP Associates and IDFC were the major draggers in the index during last week.
During the week, international credit agency Moodys upgraded its ratings on Indian long and short term government bonds to "investment grade" from "speculative" grade, holding that the countrys diverse sources of economic growth have enhanced its resilience to global shocks.
Nymex crude increased to $ 99/ barrel up 6.3% on weekly basis (on Thursday) amidst of positive economic data from US.
USD GDP (Q3 CY11) came in 1.8% v/s consensus expectation of 2%. The latest economic data showed sales of previously owned U.S. homes surged in November, but revisions to data for the last four years gave proof that the housing markets recession was deeper than previously thought. U.S. housing starts and permits for future construction surged to a 1-1/2 year high in November as demand for rental apartments rose and rating agency S & P downgraded Hungary rating to junk status
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