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Monday, February 17, 2014

INDIAN BENCHMARKS rises post interim Budget; private banks lead

INDIAN BENCHMARKS end higher after the Finance Minister P Chidambaram forecasted GDP growth rate of atleast 5.2% in the last two quarters of the current fiscal. Further, containment of fiscal deficit and reducting in current account deficit along with excise duty cuts for select sectors also boosted sentiment.

Further, Cox and Kings ended higher by 4.3% after reporting an over nine-fold jump in consolidated net profit at Rs 30.91 crore for the third quarter ended December, 2013. Tata Power ended nearly 5% up after Arvind Kejriwal resigned as chief minister. In December 2013, the Delhi government announced 50% subsidy on power consumption up to 400 units and asked the state regulator to look into the accounts of power distribution companies to see if they were profiteering.

The crucial resistance for Nifty is now seen at 6110 and above this 6175. Support for the immediate term is now placed at 5965 and next support will be 5930


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