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Thursday, June 9, 2016

Equity Tips

INDIAN BENCHMARKS: SENSEX ENDS 257 POINTS LOWER, NIFTY AT 8203.6

The domestic equity market came under a bout of selling pressure on Thursday, as investors chose to book profit amid valuation concerns.

The weakness in the benchmark indices was compounded by a plunge in the shares of Infosys, which saw its biggest intraday percentage slump since February 9 after the company warned of a 200 basis points (bps) cut in June quarter margins owing to higher visa and salary costs.

The stock fell for the fourth consecutive day and ended 4.77 percent lower. Selling in European shares and weakness in Dow futures also weighed on investor sentiment, as the bulls looked for excuses to take a breather.

The S&P BSE Sensex ended the day at 26763, down 257 points, or 0.94 per cent, while the Nifty50 of the NSE ended at 8203, down 69 points, or 0.84 per cent.

HEADLINES OF THE DAY
RBI allows to raise foreign holding up to 49% in BPCL.
HCL Tech inks two strategic partnerships for its smart vehicle offerings.
Granules enters into product in-licensing pact with US firm.

The crucial resistance for Nifty spot is now seen at 8262 and above this 8290. Support for the immediate term is now placed at 8186 and next support will be 8134.

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