Indian markets are expected to open negative on the back of negative Asian cues. The markets opened in the recovery mode on Friday morning to eventually close in the green amid a choppy trading session. The market sentiment turned positive as the day progressed on the back of clarification issued by the Finance Ministry on the status of tax residency certificates (TRC) and upbeat domestic manufacturing activity data.
The HSBC India manufacturing Purchasing manager's Index (PMI) came in at 54.2 for February 2013. Modest buying interest was seen in consumer durables, capital goods, auto and metal sector stocks while selling pressure was witnessed in the real estate and FMCG sector stocks. The Sensex closed at 18918.5, up by 57.0 points while the Nifty ended at 5719.7, up by 26.6 points. The Sensex has supports at 18790 and 18640 and resistances at 19000 and 19090. The Nifty spot has supports at 5680 and 5650 and resistances at 5740 and 5770.
US markets recovered from early morning losses in Friday's trading session to eventually close in the green. The market sentiment turned positive on the back of upbeat macroeconomic data amid concerns over automatic spending cuts, which were due to come into effect from midnight. As per the report by the Institute of supply Management, the index of manufacturing activity increased to 54.2 in February 2013 as compared to 53.1 in January 2013. The Dow was up by 35.2 points or 0.3% to 14089.7 while the Nasdaq was up by 9.5 points to 3169.7. The S&P 500 also ended up by 3.5 points at 1518.2
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