Suresh Prabhu's second Rail Budget failed to lift the domestic equity market on Thursday, as a 6 per cent crash in the Chinese stock market had a rub-off on local stocks and pulled them down.
China's Shanghai Composite index fell 6.4 per cent on Thursday on fears of tighter liquidity in the financial system. Traders and analysts also cited a confluence of reasons for the slide, including profit taking, worries about the cooling economy and anxiety over looming liberalization to initial public offerings (IPOs), which some investors fear could result in a cash crunch.
In the domestic market, SBI shares slipped 3 per cent, while Tata Motors, GAIL, L&T and Asian Paints also slipped over 2.5 per cent and dragged the 30-pack benchmark down by 112 points.
HEADLINES OF THE DAY
Just Dial's Rs165-cr buyback opens today
Government may auction stake in ITC, L&T to achieve divestment target
Crompton Greaves to decide record date for demerger
The crucial resistance for Nifty SPOT is now seen at 7010 and above this 7090. Support for the immediate term is now placed at 6869 and next support will be 6750.
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