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Thursday, August 28, 2014

INDIAN BENCHMARKS ends August series with modest gains

INDIAN EQUITY BENCHMARKS ended with amid volatility as monthly derivative contracts expired today and investors eyed GDP April-June quarter data scheduled for release tomorrow.

Shares in NHPC Ltd surged as much as 6.4 per cent as Traders focus could shift to hydro power as an alternative to coal in electricity generation.

Further, SKS Microfinance Ltd's shares rose 2.2 percent after Morgan Stanley initiated coverage with an overweight rating saying India's microfinance industry has $90 billion demand potential.

The crucial resistance for Nifty is now seen at 7970 and above this 8010. Support for the immediate term is now placed at 7940 and next support will be 7910.

Watch out for the GDP April-June quarter data on 29th August 2014.

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