Mid Market Report, February 3, 2014 | Stocks and Commodities

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February 3, 2014
Time: 1 pm

Mid Market Report:

1. Markets are trading in line with expectation.
2. As we have reported, Pharma stocks are doing well and Bank stocks doing badly.
3. HSBC India Manufacturing PMI came at 51.4 compared to50.7 last month.
4. That is why our markets were better in the morning.
5. Europe will open with negative bias.
6. US futures turned negative from positive.
7. Bank Nifty has fallen nearly 1300 points in the last two weeks.
8. Banking results keep disappointing the market, latest one being IDBI.
9. Only good result from SBI can turn around Bank Nifty now.
10. Nifty future is trading at the lower end of the range 6060 and 6120 that we mentioned in the morning.
11. It should find support here.