BSE Sensex up on positive US data

Written by fe Bureau | Mumbai | Updated: Feb 22 2014, 02:45am hrs
Benchmark indices were trading higher on Friday spurred by a survey that showed that the US factory activity growth hit nearly 4-year high in February. The BSE benchmark, the Sensex was trading 105.96 points or 0.52% higher at 20,642.60 points, while the NSE's Nifty was trading 39.25 points or 0.64% higher at 6,130.70 points at 2.15pm IST.

As per financial data firm Markit its "flash" or preliminary US Manufacturing Purchasing Managers Index rose to 56.7 in February, its highest level since May 2010.

Most Asian indices were trading higher. The Nikkei (2.88%), KOSPI (1.41%), Straits Times (0.57%) and Taiwan Taiex (0.91%) were in the green.

Back home, among individual stocks, Axis Bank (2.42%), ITC (1.56%) and Tata Steel (1.55%) were among the major gainers on the 30-share Sensex. Among sectoral indices, the BSE Bankex (0.86%), BSE Metal (0.69%) and BSE Capital Goods (0.81%) were the major gainers.

However, experts feel the disappointing Chinese data could dent the market sentiment. "Weak Chinese manufacturing data could restrict the gains. Nifty is likely to trade within a range of 6080 6150. Selling pressure may increase if Nifty breaks 6080. Support is at 6080. The near-term positive momentum is likely to continue as long as Nifty holds 6080 support level," Standard Chartered analysts said in a report. The flash Markit/HSBC Purchasing Managers' Index (PMI) for China fell to a seven-month low of 48.3 in February.