Daily Market Commentary – 11 Feb 2015

Indian equity market rose for the second consecutive day on the hopes that huge margin defeat to spur faster reform by the BJP led central government before elections on other states in few months. Front line inex Sensex ended the day at 28,533.97, surged by 178.35 points while Nifty wrapped up the session at 8,276.40, up by 61.85 points.

Traders expect Finance Minister Arun Jaitley to boost capital spending and offer tax breaks to an under-performing manufacturing sector in the federal budget on February 28.

The rupee ended marginally lower today against the US dollar at 62.25, down by 7 paisa

Among the sectorial indices CNX Metal was the top performer, surged by 1.71% followed by CNX Auto (1.12%) and CNX FMCG (1.08%). CNX Media was the only loser of the day, plunged by 0.51%.

Market breadth of the NSE remained positve for the day with 825 shares advances, 361 declines and 23 remain unchanged.

Out of the 50 stocks of Nifty 39 stocks ended in poistive territory and 11 in negative.

Top 5 Nifty Gainers: Jindal Steel (6.48%), Tech Mahindra (3.00%), Axis Bank (2.78%), Asian Paints (2.53%) and NTPC (2.52%).

Top 5 Nifty Losers: ONGC (-2.72%), BHEL (-2.29%), ZEE (-1.41%), CAIRN (-1.10%) and Mahindra & Mahindra (-0.72%).

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