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Thursday, January 9, 2014

INDIAN BENCHMARKS record sixth decline in seven sessions of 2014

INDIAN EQUITY ended a volatile trading session with a negative bias, recording their sixth decline in seven sessions so far this year.Larsen & Toubro fell on anxiety ahead of the quarterly earnings season and inflation data.

Further, Jubilant Foodworks Ltd fell 3 percent after the central bank announced that aggregate net purchases of equity shares in the company by foreign institutional investors had reached the prescribed limit. Reliance Industries has ramped up gas production at KG-D6 fields by about 15 per cent as it added the first production well on the eastern offshore fields in almost four years.

The crucial resistance for Nifty is now seen at 6225 and above this 6275. Support for the immediate term is now placed at 6140 and next support will be 6100.

News to watch:
·         Watch out for Quarterly earnings of Infosys & IndusInd Bank on Jan. 10.
·         Watch out for Indian Industrial Production (IIP) on Jan. 10.
·         Watch out for Consumer Price Index (CPI) on Jan 13.

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


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