Monday, 2 March 2015

Closing Summary, Market Synopsis: 2nd March, 2015

Nifty ends above 8950, Mid-cap index at record closing high: Markets ended higher, amid a choppy trading session, led by infrastructure stocks and private lenders even as ITC extended losses in wake of the steep excise duty hike on cigarettes. The market breadth indicating the overall health of the market was strong. The Sensex ended higher by 97.64 points at 29459.1 and the Nifty was up 54.9 points at 8956.75. 
On the macroeconomic front, the HSBC Manufacturing Purchasing Managers' Index, compiled by Markit fell for the second consecutive month, to 51.2 in February from 52.9 in January implying that manufacturing activity expanded at its slowest pace in five months in February on slowdown in new orders dragging overall output. The Indian rupee witnessed profit taking after recent gains against the US dollar in the previous few sessions. The currency is trading lower at 61.97 compared to the previous close of 61.83 at the Interbank Foreign Exchange after the US dollar appreciated against other currencies. The dollar hit an 11-year high against a basket of currencies, partly as a result of a weaker Chinese Yuan and on growing prospects of a rise in interest rates from the U.S. Federal Reserve.

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