INDIAN BENCHMARKS: SENSEX LOSES EARLY MOMENTUM BUY ENDS ABOVE 28K
An early surge on Dalal Street lost momentum midway through to end on a muted note on Wednesday, as if to suggest the domestic equity market was confused.Reports of a huge monetary stimulus package from the Bank of Japan triggered a big rally in the market, lifting the benchmark Sensex by 234 points midway through. But the 30-stock pack lost momentum after a 300-point swing after tighter regulatory curbs made the Chinese market crack.
The S&P BSE Sensex still ended above the 28,000 mark. The NSE's Nifty50 had reclaimed the 8,650 level but slipped to end the day only marginally above the 8,600 mark a day ahead of the expiry of July series futures & options contracts.
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The crucial resistance for Nifty spot is now seen at 8654 and above this 8788. Support for the immediate term is now placed at 8540 and next support will be 8485.
UPCOMING RESULTS: CEAT, EICHER, DISHTV, HEXAWARE, ESCORT, PNB, SINTEX, WELCORP