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Monday, January 13, 2014

INDIAN BENCHMARKS post biggest single-day gain this year

INDIAN EQUITY rose nearly 2 percent to post their biggest daily gains this year on expectations the central bank will keep interest rates on hold and the U.S. Federal Reserve will stick to its ultra-loose monetary policy for longer. Sentiment got a boost after the Indian rupee was seen strengthening against the US Dollar.

Further, Software services exporters, including Infosys Ltd and Tata Consultancy Services led the gains after Infosys' quarterly earnings beat expectations on Friday.

While Shares of Ranbaxy Laboratories over tanked 5.7% to Rs 438 after report said that the US Food and Drug Administration (US FDA) is inspecting Ranbaxy’s active pharmaceutical ingredient or API manufacturing factory at Toansa in Punjab.

The crucial resistance for Nifty is now seen at 6360 and above this 6410. Support for the immediate term is now placed at 6200 and next support will be 6150.

News to watch:

·Watch out for Quarterly earnings of Axis bank, HCL Tech and Tcs on 16 Jan.

·Watch out for Wholesale Price Index (WPI) Jan 14.


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