Yesterday Market Summary

Last trading day: Monday, 23 November

 It was a fantastic day for our market that built on its gains and closed higher also thanks to positive global cues. Sensex shut shop at 17180, up 158 points and Nifty at 5103, up 51 points from the previous close. CNX Midcap index was up 0.44% and BSE Smallcap index was up 0.84%. BSE oil and gas index was up nearly 3% (RIL helped this index and it traded higher on news of acquiring Dutch company Lyondellbasell). The market breadth was positive with advances at 729 against declines of 541 on the NSE. Top Nifty gainers includedHCL Technologies, GAIL and Cipla while losers wereBharti Airtel, Idea Cellular and JP Associates. 

The market consolidation seems over and Nifty is headed higher to 5350, says Sandeep Bhardwaj of Tower Capital on CNBC TV18. Nifty could make new highs by December with a target of 5550 by the year end, he adds.   

Use fall in EMs and commodities as an opportunity to buy, says Adrian Mowat of JP Morgan on CNBC TV18. Interest rates in India may remain at current levels through 2010, he feels. Dollar strength may lead to short-term fall, he says. Don't see very high earnings revision in India, he says. Correction in 2010 to be more aggressive, he adds.