INDIAN BENCHMARKS: SENSEX CLOSES FLAT ON WEAK GLOBAL CUES, NIFTY 50 SLIPS BELOW 7850
Poor March quarter earnings from ICICI Bank -1.48 % and weak global cues spooked Dalal Street on Friday, causing the equity benchmarks to close flat.
The S&P Sensex opened cautiously and then traded with gains for about two hours. However, midway through the market lost momentum and slipped into the red. The Nifty50 followed a similar trajectory.
Weakness in Asian markets didn't help matters while European markets opened in the red, putting fresh pressure on the indices.
However, the market recovered most of the losses in the last half-an-hour of trade. The 30-share Sensex ended at 25,606.62, up 3.52 points or 0.01 per cent while the Nifty50 closed at 7,849.80, up 0.03 per cent or 2.55 points.
UPCOMING RESULTS TOMORROW: FEDERAL BANK, L&TFIN, HDFC, ALKALI, TBZ, PARRYSUGAR
HEADLINES OF THE DAY
Lupin surges on re-introducing Methergine Oral Tablets
ICICI Bank Q4FY16 results: Asset quality deteriorates
Ajanta Pharma Q4 consolidated net profit up 43% (YoY)
The crucial resistance for Nifty SPOT is now seen at 7991 and above this 8135. Support for the immediate term is now placed at 7772 and next support will be 7663.