Market Commentary:
Ø Asian stocks fell for the first time in three days and commodities and the yuan declined after Chinese exports grew at a slower pace than forecast. The yen rose against all its major counterparts and Japan’s shares climbed after better-than-estimated data on machinery orders.
Ø Backhome, Trading for the week began on an upbeat note boosted by a 75 basis point cut in cash reserve ratio (CRR) by the Reserve Bank of India (RBI) after markets hours on Friday. But key indices pared all gains in mid-morning trade to slide to fresh intraday low.
Ø The Index of Industrial Production (IIP) numbers for the month of January rose to 6.8% against the consensus of 2.1%, but failed to cheer the market mood.
Ø The Indian rupee fell by 17 paise to 50.01 against the American currency.
Ø For Nifty Mar Futs, we expect it to find support at the day's low so far which stays at 5340-50 level. On the upside it can move up to 5405.
Ø INDICES: Sensex +24 at 17527 (0.14%), NIFTY +3 at 5337 (0.06%), CNXMIDCAP +28 at 7718 (0.37%)
Ø SECTORAL PERFORMANCE: BANKEX 0.77%, AUTO 0.01%, CAPITAL GOODS 1.76%, HEALTHCARE -0.06%, Metal -0.03%, OIL & GAS 0.67%, IT -1.08%, FMCG 0.27%, PSU 0.45%, REALTY 0.65%, Consumer Durables 1.52%, POWER 0.13%
Ø MARKET BREADTH: 314 Advances, 174 Declines (BSE 500)
Ø TODAY'S GAINERS: SBIN 3%, LT 2.46%, RIL 1.49%, SUNP 1.37%, BHEL 1.2%
Ø TODAY'S LOSERS: INFO -2.41%, CIPLA -2%, MM -1.66%, NTPC -1.55%, SESA -1.47%
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