INDIAN BENCHMARKS: SENSEX SURGES AROUND 240 POINTS AS BREXIT CONCERNS EASE, NIFTY CLOSE ABOVE 8230
The S&P BSE Sensex surged over 200 points in trade on Monday as easing concerns over Brexit vote negated the negative news of the Reserve Bank of India's (RBI) governor Raghu Ram Rajan not continuing as the RBI governor after his term ends in September.The Nifty50 reclaimed its crucial support level of 8,200 helped by gains in realty, IT, banks, capital goods, and auto stocks.
"The biggest event of the week is the British referendum on June 23 and this can affect all global markets in case the Brits vote in favour of an exit from the European Union. All major currencies, bond markets and commodities will move according to the outcome of the British Referendum. Britain's exit will also impact capital flows to India.”
HEADLINES OF THE DAY
Govt approves 100% FDI in defence, aviation sectors
Government likely to relax FDI norms in brownfield pharma companies
Cadila acquires two ANDAs from Teva
The crucial resistance for Nifty spot is now seen at 8295 and above this 8335. Support for the immediate term is now placed at 8160 and next support will be 8107.