Yesterday Market Summary

Last trading day: Wednesday, 11 November

It was a fantastic, steady session for our market that ended at nearly the high point of the day. Nifty closed above its 20 and 50 DMA (above 5000 for the first time since October 21) at 5003, up 122 points from the previous close. Sensex shut shop at 16849, up 409 points. CNX Midcap index was up 2.15% and BSE Smallcap index up 1.60%. The market breadth was positive with advances at 911 against declines of 366 on the NSE. Top Nifty gainers included Sterlite Industries,Reliance Infrastructure and JP Associates while losers were BPCL and Idea Cellular. We see a Sensex target of 20000 in the next 9-12 months. Likely to see earnings upgrades for every single quarter from next quarter onwards