China's official manufacturing purchasing managers' index (PMI) rose to 52.6 last month from 50.1 in January and was well ahead of an analyst forecast for 50.5, giving investors hope that China's recovery can offset a global slowdown.
The 30-share BSE Sensex climbed 659.31 points or 1.12 per cent to settle at 59,688.22. During the day, it jumped 683.05 points or 1.15 per cent to 59,711.96.
Profit margins were in the double digits for the third quarter in a row at 12.8%, thanks to rising sales numbers and vehicles carrying higher profits dominating the sales mix, the Stuttgart-based company said Wednesday.
The industrial output data in the month of January shows that there is a rebound from the contractions in the month of December. Capital goods output gave a positive surprise at 10.7 percent. According to analyst Anubhuti Sahay, the drag down in cables and wires has faded which has pushed the capital goods number on the higher side.
Speaking at the World Economic Forum in Davos, Switzerland, Abdullah al-Badri, said it was hard to predict oil price movements given the ongoing fluctuations.
Sushil Kedia, director - Quantitative Strategy, CIMB says if the Nifty rebounds 200-250 points then one should open short positions and play it to 5500.
In an interview to CNBC-TV18 technical analyst, Sudarshan Sukhani of s2analytics.com shared his reading and outlook on the market.
Although gold was up for the week, the bears pointed to bullion's 2.65 percent slide on Wednesday off of an exact double top at its one-month high.
Ambareesh Baliga of Edelweiss Financial says any bounce back should be utilised by people to book out to a certain extent and go short.