INDIAN BENCHMARKS: SENSEX ENDS 175 POINTS DOWN, NIFTY 50 BELOW 7850
A change in an inter-government treaty that will allow India to tax Mauritius investments for the first time since 1983 triggered fear among overseas portfolio investors, which in turn dragged the benchmark equity indices down on Dalal Street on Wednesday.
The domestic equity market made smart gains on Monday and Tuesday but gave up most of it on Wednesday. The S&P BSE Sensex had tanked some 350 points in opening bell in a knee-jerk reaction to the tax jolt, but pared the losses later in the day. The Nifty50 fell below the crucial support at 7,850.
Finally, the 30-share Sensex closed the day at 25597.02, down 175.51 points or 0.68 per cent, while the broader Nifty50 ended at 7848.85, down 38.95 points or 0.49 per cent.
UPCOMING RESULTS TOMORROW: ARVIND, DR REDDY, GLENMARK, MAGMA FINCORP, NESTLE, ZYDUS WELLNESS, FIRSTSOURCE, VIJAYA BANK
HEADLINES OF THE DAY
Asian Paints Q4 profit In-Line with estimates
Havells Q4FY16 Result update: Largely in-line with street estimates
Kotak Mahindra Bank Q4 consolidated net profit at Rs1055 cr
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.