Market wrap

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Market wrap

  1. 1. *Market opened on a flat note and showed some weakness in the morning session but strongrecovery was seen in the afternoon session. Strong domestic economic data, FII fund inflow,positive cues from Europe etc kept the sentiment positive.India’s manufacturing sector grew at its fastest pace in eight months in January as factory outputrose on growing domestic and international demand. Apart from that the Europeanmanufacturing PMI rose slightly to 48.8 against 48.7 with German manufacturing PMI rising to51 from 50.9 previously. The cement and auto sales number of majors were convincing and itmay reflect in the upcoming quarterly results.On the sectoral front, we saw smart buying in metal, capital goods, auto and power while sellingwas seen in consumer durable, PSU, IT and technology stocks. Metal stocks gained after metalprices moved up on LME after Chinese manufacturing expanded.Auto stocks moved up on good month sales figures of auto companies like Maruti, M&M etc.Aviation stocks also moved up after PSU oil marketing companies cut the jet fuel prices by over3% as rupee appreciation made imports cheaper while PSU oil marketing companies came down.Nifty today closed at a very strong level and it is showing signs of a run up towards 5291 and5350 in short run.

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