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Monday, March 10, 2014

INDIAN BENCHMARKS end flat.. metals, IT, pharma crack & banks lead.

INDIAN BENCHMARKS ended flat amid range bound trade as gains in cyclicals helped offset losses in defensive sectors. Tata Power fell 0.51% to Rs 79 on equity dilution worries after the firm announced the details of the proposed rights issue.

Further, Shares of Reliance Industries was up 2% at Rs885 on reports that the government is coming out with a notification on higher gas price this month. Shares of L&T was up 3% to close at Rs1236, after the company has won new orders worth Rs 2,935 crore across various business segments in February and March 2014.

The crucial resistance for Nifty is now seen at 6570 and above this 6600. Support for the immediate term is now placed at 6410 and next support will be 6340.


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