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Friday, January 31, 2014

INDIAN BENCHMARKS crawls back to life, breaks 5-day fall

INDIAN BENCHMARKS close marginally higher after slipping to 2-month-lows on yesterday after US Federal Reserve stepped on the gas to taper its monthly-bond buying program. Fiscal deficit in the first three quarters of the current fiscal year ending March touched 95.2% of the budgeted target for the whole year. The fiscal deficit touched Rs 5.16 trn during April-December as against 78.8% a year ago.

Further, Punjab National Bank reported 42 percent degrowth (higher-than-expected) in net profit in the third quarter year-on-year, but the asset quality of the bank improved sequentially. Syndicate Bank 's third quarter net profit fell 25.2 percent year-on-year to Rs 380 crore on low net interest income but asset quality was stable.

The crucial resistance for Nifty is now seen at 6175 and above this 6200. Support for the immediate term is now placed at 6030 and next support will be 5970.


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