Indian stock markets rallied into positive territory on Wednesday on the back of value-buying with BSE Sensex up 0.2% or 42.60 points at 20,254.43 points, while NSE Nifty was up 0.3% or 17.75 points at 6,018.65 points. The 30-share BSE Sensex fell as much as 0.67% or 135.83 points intra-day.
Experts feel the weak US manufacturing data, which came out recently, is positive for emerging markets. “US Fed could slowdown QE tapering owing to the decrease in US ISM manufacturing data to 51.3 from 56.5 in December. Apart from this, Indian rupee has remained stable even as other emerging market currencies have declined,” said AK Prabhakar, independent analyst.
The ISM data showed growth in US manufacturing slowed sharply in January on the back of the biggest drop in new orders in 33 years.
Among sectoral indices, BSE Realty (1.9%), BSE Auto (1.6%) and BSE Metal (1.08%) were the major gainers. Among individual stocks, BHEL (-2.14%), ITC (-1.92%) and Maruti Suzuki (-0.85%) were the major losers.
Among key Asian indices, Nikkei (1.23%), Kospi (0.24%) and Jakarta Composite (0.6%), were in the green. Dow Jones Industrial Average (0.47%) and Nasdaq Composite (0.86%) were in the green on Tuesday.