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Monday, February 3, 2014

INDIAN BENCHMARKS ended lower, Nifty tumble to Nov '13 lows

INDIAN BENCHMARKS ended lower, amid weak global cues, as weak economic data from China, raised worries that the global growth is still struggling. The US Fed's decision to further taper its monetary stimulus measures also dampened sentiment. The HSBC’s Manufacturing Purchasing Manager Index rose to 51.4 in January its highest since March 2013 against 50.7 in December.

Further, Lupin was up 0.3% on gain of 42% Q3 net profit of Rs 476 crore as compared to Rs 335 crore in the same period last year Revenue came in at Rs 3,022 crore as compared to Rs 2,501 crore in the year ago period. Sobha Developers gained 2.2% to end at Rs 273 after net profit rose 10.46% to Rs 58.10 crore on 26.48% increase in total income to Rs 545.50 crore in Q3 December 2013 over Q3 December 2012.

The crucial resistance for Nifty is now seen at 6100 and above this 6170. Support for the immediate term is now placed at 5970 and next support will be 5875.

News to watch:
·         Watch out for the quarterly earnings of Bharat Forge, Jubilant Food on 4th Feb.

·         Watch out for the Indian HSBC Services PMI on 5th Feb.

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