INDIAN BENCHMARKS over 2 percent after its 5 days losing streak.
INDIAN EQUITY BENCHMARKS rose over 2 percent after its 5 days losing streak as banking shares were in demand, trading up by 6 percent and removing its entire early morning losses after the Reserve Bank of India reduce the marginal standing facility (MSF) rate by 25 basis points (bps) to 8.75 per cent from 9 per cent. Banks usually tap the MSF rate during acute cash tightness.
Further, Maruti Suzuki India Ltd rose 5.1 percent in pre-open trading after India's biggest carmaker reported July-September net profit tripled from a year earlier. Rate sensitive stocks have seen major buying interest today. ICICI Bank jumps 6 % while Tata Steel, M&M and SBI are other gainers.
The crucial resistance for Nifty is now seen at 6255 and above this 6335. Support for the immediate term is now placed at 6170 and next support will be 6120.
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