Sensex Ends Above 28000

ECONOMY ANALYSIS

• Record high again: Sensex ends above 28000, Nifty at 8383
• October CPI seen at 5.63%, Sept IIP at 2%
• Oil India Q2 profit falls 33% to Rs 608 cr on lower revenue
• Tata Motors, M&M shares gain post price hike
• Tata Steel Q2 net seen down 35%, EBITDA may rise 10%

MARKET ANALYSIS

• After rallying over 200 points in intraday trade, the Sensex lost momentum in late trade, but enthused investors as it closed above the crucial 28,000-mark. 
• The Sensex closed the day at 28,008.9, up 98.84 points. The Nifty ended the day at 8,383.30, up 20.6 points.
• Benchmark indices, namely the Sensex & the Nifty, have rallied over 32 per cent so far in the year 2014, but a similar performance next year might be a little difficult as a lot of positives are already being factored in the price, say analysts.
• Most analysts expect the market to rally probably by 10 per cent to 15 per cent, while some even expect a negative or flat return for the year 2015.
• On Tuesday, global investment bank UBS recommended a target of 9,600 on the Nifty by end-2015, which presents an upside of nearly 15 per cent from current levels. That is half of what the markets delivered in the year 2014.
• They remain bullish on Indian equities for the year 2015 considering the fact that the economic growth recovery is underway, which will sustain current valuations.