INDIAN EQUITY MARKET WRAP UP-1 Sep 2015

INDIAN BENCHMARKS end lower, post biggest monthly drop since Nov 2011

                                                                 

INDIAN EQUITY BENCHMARKS fell more than 2 percent on Tuesday to near their lowest in about a year after HDFC Bank lowered its base rate by a hefty 35 basis points, sparking concerns other lenders would follow suit, hurting margins in the sector. The S&P BSE Sensex and CNX Nifty ended 2.23%-2.33% lower each.

Headlines for the day:

Petrol price cut by Rs2 per litre, diesel by 50 paise

Macro wrap: GDP, core sector data disappoint

India's manufacturing PMI contracted to 52.3 in August

Maruti Suzuki August 2015 volumes up 6.4% YoY

                         

The crucial resistance for Nifty is now seen at 7999 and above this 8074. Support for the immediate term is now placed at 7750 and next support will be 7665.

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