Nifty ends
below 6500.. realty,
cap goods stocks drag,
INDIAN EQUITY
BENCHMARK ended in
the negative terrain on concerns that the U.S. could push up
interest rates
earlier than expected. Janet Yellen's comments were a surprise
for markets, as
this could lead to rates rising as early as April next
year—ahead of the
late 2015 market expectation. In addition, the Fed reduced its
monthly
bond-buying program to US$55bn from US$65bn which was in line
with
expectations.
Further, Shares
of oil marketing
companies fell sharply on reports that they may be asked to
share
higher-than-expected subsidy burden for the current quarter.
The finance
ministry is reportedly unwilling to cross budgeted subsidy
burden of Rs. 350bn
in the March quarter. The ministry reportedly expects HPCL,
BPCL and IOC to
absorb Rs. 55bn as subsidy burden.
Shares of Polaris
Financial
Technology surged over 8.5% to close at Rs. 199 after the
company announced the
demerger of its Products (Intellect) business into an
independent entity 'Intellect
Design Arena Ltd (Intellect).
The crucial
resistance for Nifty
is now seen at 6525 and above this 6575.
Support for the immediate term is now placed at 6470 and
next support will
be 6430.
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