Market ends on a new high; Outperforms Asia

12 December 2007

The markets ended on a new high outperforming most of its Asian peers. Asian markets closed in red and even Europe was trading weak after the Fed cut rates by 25 bps disappointing analyst who were expecting a 50 bps cut. Midcap and smallcaps were the star performers.

Both the BSE midcap index and smallcap index are up nearly 1.6% and 1.8% respectively. Nifty ended up 50 points gaining 140 points from the day's low and Sensex was up around 40 points rallying 285 points from the day's low.

On the macroeconomic front, industrial growth growth came in at 11.8% versus 4.5%, YoY, slightly ahead of expectation of 11%.

Pharma, oil & gas, metal and realty stocks were trading higher. However, select bank, IT and capital goods were under pressure.

IT index was down over 2%, Infosys , Satyam and Wipro were among the top losers.

Sensex closed up 84.98 points or 0.42% at 20375.87, and the Nifty up 62.05 points or 1.02% at 6159.30.