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Tuesday, March 8, 2016

Equity Tips,

Domestic equity benchmark Sensex swung 284 points between gains and losses on Tuesday, slumping some 137 points into the negative territory at one point, but managed to close marginally higher and extend the winning streak to the fifth day.

Top domestic lenders ICICI Bank and SBI proved the biggest drag on the 30-pack index, but Reliance Industries (up 2 per cent), ITC (up 1.17 per cent) and HDFC (up 1.52 per cent) did some damage control and helped the market make a smart recovery. The market had opened strong in the morning with the Nifty50 breaching the crucial 7,500 mark, but two hours into the session, the market momentum weakened tracking weak cues from its global counterparts.

In the second half though, the equity benchmark bounced back despite weakness in the European markets, where some of the indices fell as much as 2 per cent. The S&P BSE Sensex ended the day at 24,659.23, up 0.05 per cent or 12.75 points while the NSE's Nifty50 closed at 7,485.30, losing 0 per cent or 0.05 points.

HEADLINES OF THE DAY
Yes Bank gets FIPB approval to hike FII limit
Ashok Leyland makes expansion plans in Middle East
Siemens to sell healthcare unit for Rs3050 crore

The crucial resistance for Nifty SPOT is now seen at 7510 and above this 7600. Support for the immediate term is now placed at 7363 and next support will be 7275.

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