levels. The brokerage cited growth recovery and inflation moderation for its revised target.
Earlier this week, brokerage Morgan Stanley set a probability-weighted target of 23,069 for the BSE Sensex for December 2013, implying a 26% upside, citing a steady recovery in broad earnings growth.
Overseas newsflow was positive as well. Greece's official creditors, including the IMF and EU, reportedly agreed on a deal to lower the country's debt burden. Expectations also rose that there would be a deal to avoid the US fiscal crisis.
Among its peers, most of the Asian markets edged higher on Friday as Japan’s industrial production rose unexpectedly and its cabinet gave then nod for an economic stimulus package. Japan's industrial output in October rose 1.8%, the first time in four months.
The Straits Times and the Shanghai Composite rose the most at 0.79% and 0.85%, respectively. The Kospi and Jakarta Composite were the ones to buck the trend, with the latter ending lower by nearly a percentage point. Among the major European indices, the FTSE 100, the DAX and the CAC were all trading marginally in the green at about 4.00 pm India time.
Back home, 23 of the 30 Sensex stocks advanced on Friday. In the broader market, breadth was strong with 1,687 stocks traded on the BSE ending higher against 1,286 declines. Most of the 13 BSE sectoral indices ended in the green. The Power, Bankex, Consumer Durables, Oil&Gas indices gained more than 1% each. The Metal index rose the most at 2.07%. Realty, FMCG and Auto indices bucked the trend and slid marginally.
The NSE cash turnover on Friday was at R20,386 crore, while the six monthly daily average is about R11,000 crore. Turnover in derivatives was about R1.17 lakh crore and the daily average for the past six months is R1.26 lakh crore. India VIX, a volatility index based on the S&P CNX Nifty index option prices, slid 1.4% on Friday to 15.15.