he Nifty saw a superb rally another day with short covering/value buying propelling the index to close above 10550. This came in as banks took a back seat with IT, auto & metals lifting the Nifty to 3 month highs. Mid caps also joined the party with the Mid Cap 50 & Mid cap 100 gaining over 1.25%.
For today, expect more consolidation with stock/sector outperformance as index consolidates after a steady run up.
US Market: US indices closed mixed as solid jobs numbers propel Dow Jones higher by over 450 points, however last hour profit booking trimmed profit to just 90 points. Nasdaq closed at another all time high as the index remains the best performer globally. Bond yields remain flat @ 0.66%, while crude prices rise to close near 2 month highs.
Asian Market: Asian markets opened muted with marginal gains as markets head into the weekend after a positive week with the Japanese & South Korean indices gaining for the week. Chinese stocks continue to be in the news as better data from manufacturing & auto sales propel buying selectively, even as the crisis in Hong Kong deters fresh large investments.