INDIAN BENCHMARKS end lower as rate cut hopes fade.
INDIAN BENCHMARKS ended lower, weighed down by financial shares, as the spike in whole-sale-price inflation to 3-month highs in March could lead to a delay in policy rate cuts by the central bank in the near to medium term. The wholesale price index-based inflation rose to a three-month high of 5.70% in March from a nine-month low of 4.68% in February.
Further, Shares of United Spirits hit record high up 15 percent on report that liquor company Diageo has announced to launch tender offer to acquire 26 percent further in United Spirits. Gruh Finance rose 7.36% after the company's net profit rose 16.71% to Rs 73.60 crore on 31% growth in total income to Rs 254.42 crore in Q4 March 2014 over Q4 March 2013.
The crucial resistance for Nifty is now seen at 6830 and above this 6870. Support for the immediate term is now placed at 6700 and next support will be 6670.
INDIAN BENCHMARKS ended lower, weighed down by financial shares, as the spike in whole-sale-price inflation to 3-month highs in March could lead to a delay in policy rate cuts by the central bank in the near to medium term. The wholesale price index-based inflation rose to a three-month high of 5.70% in March from a nine-month low of 4.68% in February.
Further, Shares of United Spirits hit record high up 15 percent on report that liquor company Diageo has announced to launch tender offer to acquire 26 percent further in United Spirits. Gruh Finance rose 7.36% after the company's net profit rose 16.71% to Rs 73.60 crore on 31% growth in total income to Rs 254.42 crore in Q4 March 2014 over Q4 March 2013.
The crucial resistance for Nifty is now seen at 6830 and above this 6870. Support for the immediate term is now placed at 6700 and next support will be 6670.
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