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Taking Stock: Market shrugs off weak macro data to gain more than 1%; auto, banks, metal shine

The Indian Market regained some of the losses of the previous session and ended near the day’s high on April 13, ignoring weak macro data. At close, the Sensex was up 660.68 points, or 1.38 percent, at 48,544.06 and the Nifty was up 194 points, or 1.36 percent, at 14,504.80. Auto, PSU bank, metal and energy indices rose 2-4 percent, while the IT index shed 3 percent. BSE midcap and smallcap indices gained more than 1 percent each. “After resisting at the 14,950-15,000 level, there has been no respite for the markets. We have witnessed a single slope fall. However, one needs to be cautious at these levels of the index. If we keep below the 14,250 level, we could fall to 13,800-13,900 sooner than later,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments. “In the short to medium-term time frames, this is the last support for the Nifty. If the index has to bottom out, we need to respect the 14,250 level and bounce from here.” M&M, Bajaj Finserv, Tata Motors, Bajaj Finance and Maruti Suzuki were among the major gainers on the Nifty, while losers included TCS, Dr Reddy’s Laboratories, Tech Mahindra, Wipro and HCL Technologies. Stocks & sectors On the BSE, the auto index rallied over 4 percent, while bank, metal, capital goods, oil & gas and realty indices rose 2-3.5 percent. However, IT index shed 2.6 percent. Among individual stocks, a volume spike of more than 100 percent was seen in Pfizer.

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