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Thursday, August 21, 2014

INDIAN BENCHMARKS closes marginally higher… PSU banks gains

INDIAN EQUITY BENCHMARKS ended marginally higher led by gains in bank shares after Finance Minister Arun Jaitley today said that the government was working towards bringing in more professionalism in the functioning of banks and improving risk management, amid the backdrop of the recent scams in some public sector banks.

Shares of Dr. Reddy's Laboratories ended lower by 1.5% after report stated that the company was in talks with a US regulator over allegations it violated packaging rules for some prescription drugs sold there between 2008 and 2012.

Further, Zee Entertainment rose over a percent as it is all set to replace United Spirits in CNX Nifty with effect from the September 19.

The crucial resistance for Nifty is now seen at 7920 and above this 7945. Support for the immediate term is now placed at 7855 and next support will be 7780.

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