Weekly Market Summary

Last trading day: Friday, 30 October

It was a difficult week for our market that continued to be under pressure. (Next week is a truncated one, with Gurunanak Jayanti holiday on Monday). This week, there were no major negative surprises on the corporate results front, nor were they inspiring. Thus the market continued to trade volatile and Sensex fell 900 points this week. Experts feel this month will continue to be choppy and market could move into a lower range. This week's poor figures were: Sensex down 5.3% and Nifty down 5.5%. BSE Midcap index was down 5.7%, BSE Smallcap index down 8.2% over the week.BSE Realty index was down 16%, BSE Metal index down 10%, BSE Bankex index down 8.5%, BSE Oil & Gas index down 6%, BSE Auto index down 2.3% and BSE FMCGindex down 1%.

It was a disappointing, choppy and difficult day of trade that ended weak. Despite average corporate season and decent global cues, our market saw extreme volatility at the start of the November series. Sensex shut shop at 15896, down 156 points and Nifty at 4711, down 38 points from the previous close. CNX Midcap index was up 0.04% and BSE Smallcap index was down 0.77%. The market breadth was negative with advances at 513 against declines of 747 on the NSE. Top Nifty gainers included Sterlite Industries, ICICI Bank and Reliance Capital while losers were RCom, Suzlon and Bharti Airtel.

 In any bull market, there are at least 5-6 corrections and they could even be of 15%. This is a good time to invest even though retail money feels shaken out. Market is expected to make new highs in the long term. Buy Nifty 4860 and long-term target could be 5800,