INDIAN EQUITY MARKET WRAP UP- 23 Aug 2016

INDIAN BENCHMARKS: SENSEX, NIFTY ENDS FLAT, SENSEX UP 4.67 POINTS NIFTY UP 3.45 POINTS

Equity benchmarks as well as broader markets remained in a consolidation mode for the second consecutive day. The Sensex was up 4.67 points at 27990.21 and the Nifty up 3.45 points at 8632.60.

Technology and telecom stocks gained strength whereas FMCG, infra and auto stocks were under pressure.

Idea Cellular surged nearly 7 percent on hopes of merger with Vodafone. Tata Power shed more than 3 percent after reporting a 76 percent de growth in Q1 profit on account of one-time loss.

HEADLINES OF THE DAY

Bharat Forge receives approval for Scheme of Amalgamation.

HPCL drops post Q1FY2017 earnings.

Railways rationalize only coal freight rates.

The crucial resistance for Nifty spot is now seen at 8730 and above this 8845. Support for the immediate term is now placed at 8580 and next support will be 8540.

UPCOMING RESULTS: INFINITE, MANINFRA, VARDHMAN TEXTILE, PNC INFRATECH.

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