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Monday, January 27, 2014

INDIAN BENCHMARKS dives 2 pct; biggest decline since September.

INDIAN EQUITY BENCHMARKS recorded their highest percentage fall since September 3, 2013, amid a selloff in emerging markets, with Interest rate sensitive stocks extended fall in last hour of trade, especially ahead of RBI's third quarter monetary policy review on Tuesday. Allahabad Bank reported 4.8 percent growth in net profit and 0.6 percent growth in net interest income year-on-year.

Further, HUL reported stable numbers with the third quarter net profit growing 22 percent year-on-year supported by strong operational performance. Net profit increased to Rs 1,062.3 crore from Rs 871.4 crore.  Telecom shares ended lower after the Empowered Group of Ministers on telecom, announced that the Subscriber Usage Charge for new spectrum will be a maximum of 5% of adjusted gross revenue.

The crucial resistance for Nifty is now seen at 6190 and above this 6270. Support for the immediate term is now placed at 6100 and next support will be 6065.

News to watch:
·         Watch out for the quarterly earnings of JSW Steel, Sesa Sterlite, & Maruti Suzuki on 28th Jan.

·         Watch out for the RBI Third Quarter Review Policy on 28th Jan.


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