Previous Week : Sensex was down by 821.30 points or for the week to settle at 16,371.51
Key benchmark indices tanked as the bears wreaked havoc on the Street. As the benchmark indices hit their lowest closing level in nearly six weeks on back of poor quarterly earnings and European debt concern. Nifty closed in negative in all the five trading days of the week. The broader markets continued to bleed even more heavily as the BSE mid cap and BSE small cap indices bore cuts of 7.1% and 8.2% respectively.
  • The Sensex was down by 821.30 points or - 4.8% for the week to settle at 16,371.51 whereas the Nifty closed at 4905.80, down by 263.05 points or - 5.1%
  • All the sectoral indices closed deep in red with Oil & Gas, banking, metals, auto and real estate stocks were major losers during last week trade where as only Cipla among the Nifty 50 stocks manage to oppose the trend and the closed with a sizable gain of 9.5% on weekly basis
  • On the earnings front, Tata Power, Tata Motors and Mahindra and Mahindra reported earnings which were below our and street estimates. Q2 FY12 result season threw very little earnings surprises while interest costs and forex loss (notional) were the biggest drag on profits
  • India's food inflation for the week ended November 5 declined to 10.63% on a week-on-week basis from 11.8% for the week ended October 29 while fuel price index increased to 15.49% from 14.5%
  • Nymex crude remained flat on a weekly basis after crossing $100 mark during the week. Nymex crude closed at $98.82/barrel (on Thursday)
  • Industrial production in US increased by 0.7% beating street estimates while consumer price inflation fell 0.1% in October
  • Retail sales rose to 0.5%in the month of October following a 1.1% increase for September (more than projected) as Americans snapped up Apple Inc. iPhones and demand for automobiles improved, giving the world's largest economy a boost entering the final quarter of 2011

Week Ahead : Key data to watch globally would be US existing home sales
Nifty during last week formed one of the strongest bear candles in the recent times, as expected in the last report the Nifty closing below the pivotal support level of 5140 (38.2% retracement of the previous rally) has seen a sharp decline.
  • Nifty is expected to trade sideways to negative with high volatility in the coming week due to the November series expiry on Thursday of November 24
  • Any pullback from the current level will face strong supply around 5025 and 5080 levels which is the 38.2% and 50% retracement of the recent fall
  • On the lower side 4830 which is the rising gap area of October 7 and 4720 which is the 52-week low will act as a major support area
  • In the month of November (November 17) FIIs have bought shares worth 275 crore while DII have sold shares worth 685 crore respectively
  • Key data to watch globally would be US existing home sales, US GDP, US Personal income, US Personal consumption
  • In India, next week the key data to watch would be weekly inflation