14919-14467 CONTINUE TO BE IMMEDIATE LEVELS TO EYE

 

14919-14467  CONTINUE TO BE IMMEDIATE LEVELS TO EYE

 

WORLD MARKETS

 

US indices soared 2%-3%, with the S & P 500 rising the most since June 5 while both Dow and Nasdaq clinched their best trading day since November. Cyclical sectors like energy and financials continued to outperform amid optimism about vaccines and economic resurgence. Also, a pause in U.S. treasury yield allowed high-growth tech names to recoup a sizable portion of their recent losses.

 

February’s final read for Markit’s U.S. manufacturing PMI came in at 58.6, slightly beating expected figure of 58.5.

           

Brent crude fell 81 cents, or 1.3%, to $63.61 per barrel while WTI fell 97 cents, or 1.58%, to at $60.53 per barrel after China’s factory activity growth slipped to a nine-month low in February.

 

The dollar index rose 0.28% to 91.024. Spot gold fell 0.6% to $1,723.30 an ounce.

 

European markets gained 1.6%-1.9%. February’s final IHS Markit manufacturing PMI for the euro zone came in at 57.9, up from a flash estimate of 57.7. German activity hit its highest level in more than three years.

 

AT HOME

 

Benchmark indices soared a percent and half, recouping nearly 40% of the losses suffered on Friday. Sensex settled at 49850, up 750 points while Nifty added 232 points to finish at 14761. Nifty mid-cap and small-cap indices gained 1.8% and 2.1% respectively.  Except 3.4% lower Telecom index, all the BSE sectoral indices ended higher, with Basic Materials and Utilities indices leading the tally, up 2.9% and 2.5% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 125 cr, 1498 cr and Rs 1012 cr respectively. DIIs were net sellers to the tune of Rs 195 cr.

 

Rupee depreciated 7 paise to end at 73.54/$.

 

India's manufacturing PMI slowed to 57.5 in February from 57.7 in January.

 

GST collection in February stood at 1.13 lk cr, staying above Rs 1 lk cr mark for the fifth consecutive month.

 

Hero MotoCorp sold 5.05 lk units, a rise of 1.45%. Tata Motors domestic sales rose 54% to 58473 units. TVS Motors sales rose 18% to 2.97 lk units. M & M auto sales fell 11.4% to 28777 units while farm equipment sales rose 25% to 28146 units. Ashok Leyland sales rose 19% to 13703 units. Maruti total sales rose 11.8% in February to 1.64 lk units. Bajaj Auto sales rose 6% to 3.75 lac units. Escorts sales surged 30.6% to 11230 units.

 

OUTLOOK

 

Today morning, except 0.1% lower Nikkei, other Asian markets are trading with gains of 0.1%-0.5%. SGX Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 14467, the low made Friday, was the immediate support while 14919, was the immediate hurdle.

 

Nifty touched a high of 14806 before closing at 14761 and is set to open near 14850 today.

 

14919, the lower end of the gap created by Friday's gap-down opening, continues to be immediate hurdle, above which, 15065, the upper end of this gap, would be the next level to eye.

 

14467, the low made Friday, continues to be immediate support