Market Review - Mar 3 2011

It was the fourth consecutive day of positive close for market as benchmark indices managed to close modestly higher after a choppy trade. There was sharp intraday recovery from the lower level in the first half on the back of news that Gaddafi has accepted peace plan to end Libyan crisis. However, later on the news of fresh air strike on Brega oil terminal in East Libya led to a sharp spike down. Finally Sensex closed at 18489, up 43 points while Nifty ended at 5536, up 14 points. BSE mid-cap and small-cap indices gained 0.3% and 0.2% respectively. Capital Goods stocks led from the front, supported by Auto shares. European markets were trading with gains of nearly a percent while US stock futures were up about two third of a percent ahead of reports on jobless claims, nonfarm productivity and ISM non-manufacturing composite index.



BSE Capital Goods index surged 2.4%, becoming top gainer among the sectoral indices, followed by Auto index, up 1.9%. Metal and Oil & Gas index lost 0.8% and 0.7% respectively. JP Associate and Tata Power gained the most among the Nifty stocks, putting on 3.9% and 3.7% respectively while Sun Pharma and IDFC were the top losers, down 3.5% each. BSE advance-decline ratio stood at 1:1.