Yesterday Market Summary

It was a good day across Asian and European markets. Our market too, helped by positive global cues, closed at the day's highs. The fantastic November auto sales numbers and buying in the high beta realty stocks helped market rally higher today. Sensex shut shop at 17198, up 272 points and Nifty at 5122, up 89 points from the previous close. CNX Midcap index was up 1.68% andBSE Smallcap index was up 2.15%. The market breadth was positive with advances at 1058 against declines of 214 on the NSE. Top Nifty gainers included Unitech, Tata Motors and Sun Pharma while losers were HUL, GAIL andBHEL.

 World market saw a selloff post Dubai situation and our market realized the effect is unlikely to be severe, hence the bounce back yesterday, says Bharat Sheth of Techno Shares on NDTV Profit. The good GDP numbers yesterday have acted as a trigger for our market to now move higher, he says. FY10 GDP target is likely to be around 6.8-7.10% and FY11 above of 8%, he says. We could now see greater fund allocation and market is likely to take out the new highs, he adds.