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Friday, January 24, 2014

INDIAN BENCHMARKS slump as high interest rates may prevail

INDIAN EQUITY BENCHMARKS break  a four-day winning line with rate sensitive leading the decline after comments from Reserve Bank of India Governor Raghuram Rajan  that inflation is a destructive disease which is forcing the central bank to keep interest rates high. The Indian rupee also continued to weaken against the US Dollar. Canara Bank slipped as the bank stock turned ex-dividend for the interim dividend of Rs 6.50 per share for the year ending 31 March 2014.

Further, UCO Bank lost 2.19% after net profit jumped 206.94% to Rs 314.53 crore on 12.79% growth in total income to Rs 4919.04 crore in Q3 December 2013 over Q3 December 2012. Karnataka Bank Ltd has posted a net profit of Rs. 1067 mn for the quarter ended December 31, 2013 as compared to Rs. 800.70 mn for the quarter ended December 31, 2012.

The crucial resistance for Nifty is now seen at 6335 and above this 6365. Support for the immediate term is now placed at 6240 and next support will be 6185.

News to watch:
·         Watch out for the quarterly earnings of Adani Ports, Allahabad Bank, Ajanta Pharma, HUL, Just Dial, Idea Cellular  on 27TH Jan.

·         Watch out for the RBI Third Quarter Review Policy on 28TH JAN.


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