Markets gained as date showed that the China's manufacturing expanded at a faster pace than estimated in August.

At the end of the day the CNX Nifty was up 78.95 points to close at 5,550.75, still lower than the major resistance point of 5610+.

Petrol price was hiked by Rs. 2.35 per liter on falling rupee and firming international oil prices while diesel price was hiked by 50 paisa. This is the sixth increase in rates since June which shows how Government effect has failed in stabilizing the value of rupee. Interestingly has not gained much in dollar terms in the last 2 months but the hike in Petrol price was very steep.

What to expect from the market now?

The market is not enjoying the upward movement. As long as Nifty does not close above 5610 with volume the current uptrend should be considered as a pull back rally. Syrian strike, falling rupee and several other issues are not favoring the bulls. Currently we have to wait and watch for buying puts. Yesterday the US market was closed owing to Labor Day. The direction on Gold and silver will be decided today after New York market opens in the evening. Gold has moved up on a thin volume which is the cause of worry.