INDIAN BENCHMARKS: SENSEX TANKS 300 POINTS, NIFTY SLIPS TO 7815
Poor macros caught up with an aspiring Dalal Street on Friday, painting the stock market in red a day after the benchmark indices got a major lift.
Reacting to a spike in retail inflation in April, which picked up unexpectedly to 5.39 per cent after falling to 4.83 per cent in March, and a major slump in industrial production growth, which slipped to 0.1 per cent in March, the benchmark Sensex opened 100 points lower while NSE's Nifty50 lost its key resistance level of 7,900.
Soon after, the 30-share pack lost about 250 points and the broader Nifty50 went on a downward trend, falling below the crucial level of 7,850.
Midway through the session, the Sensex slipped more than 300 points to 25494.61 and the Nifty50 lost its support level of 7,800 to end at 7,814.90.
UPCOMING RESULTS TOMORROW: BFUTILITIE, JKTYRE, MANGALAM, STAR, TRIVENI, TATACOFFE, SALARINDS, PETRONET, BRIGADE
HEADLINES OF THE DAY
Glenmark Pharma Q4 net profit at Rs508 cr (YoY)
March IIP growth slows at 0.1%; April CPI Inflation spurs to 5.39%
Eicher Motors slumps as promoters sell 11.4 lakh shares
The crucial resistance for Nifty SPOT is now seen at 7925 and above this 7992. Support for the immediate term is now placed at 7777 and next support will be 7697.