INDIAN BENCHMARKS: SENSEX SNAPS 3-DAY WINNING STREAK TO END LOWER AHEAD OF RBI POLICY
A directionless day on Dalal Street saw the benchmark indices snapping their three-day winning streak on Monday ahead of the Reserve Bank's monetary policy meet on Tuesday.
The central bank is largely expected to keep key rates unchanged.
"The status quo will be maintained because the governor would like to see what the Fed decides and how the monsoon will turn up.”
Disappointing us jobs data pared any expectations of a rate hike by the US Federal Reserve, global markets turned range bound waiting for more clarity from the US Fed Chief Janet Yellen's Philadelphia speech scheduled later tonight.
The S&P BSE Sensex ended the day with losses of 65.57 points, or 0.24 per cent at 26,777 while the 51-share Nifty50 closed at 8,201, lower by 20 points.
HEADLINES OF THE DAY
Nestle partners with Alibaba to market products.
Sun Pharma to sell US mfg units to Frontida BioPharm.
Lupin gets USFDA nod for Voriconazole tablets.
The crucial resistance for Nifty spot is now seen at 8252 and above this 8328. Support for the immediate term is now placed at 8134 and next support will be 8070.