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Wednesday, August 20, 2014

INDIAN BENCHMARKS snaps 6-day gains… pharma soars 3%

INDIAN EQUITY BENCHMARKS edged lower, unable to sustain a rally after hitting a third consecutive record high earlier in session as investors took profits.

Dena Bank and Oriental Bank of Commerce dropped 5 percent and 3.6 percent, respectively after a report indicated that the Mumbai-based branches of these banks have misappropriated funds to the tune of Rs 436 crore.

Further, Just Dial gained 2.4 percent on its proposal to raise the foreign investment limit.

The crucial resistance for Nifty is now seen at 7920 and above this 7945. Support for the immediate term is now placed at 7860 and next support will be 7780.

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