INDIAN EQUITY MARKET WRAP UP- 7 Dec 2016

INDIAN BENCHMARKS: DISAPPOINTING RBI MOVE DRAGS SENSEX 156 POINTS, NIFTY DOWN 41 POINTS @ 8102

Equity benchmarks reversed gains in last hour of trade with the Sensex falling 228 points intraday Wednesday as the Reserve Bank defied expectations of rate cut by keeping repo rate unchanged and lowered GVA estimates. However, the fall was arrested after the RBI decided to withdraw incremental CRR from December 10.

The 30-share BSE Sensex was down 155.89 points at 26236.87, and the 50-share NSE Nifty fell 41.10 points at 8102.05 after hitting an intraday low of 8077.50 and high of 8190.45. However, the broader markets outperformed as fall in Midcap index restricted to 0.16 percent.

HEADLINES OF THE DAY

RBI keeps Repo Rate unchanged.

Sun Pharma falls on USFDA observations.

Ashoka Buildcon gets 5 power projects in Bihar.

The crucial resistance for Nifty spot is now seen at 8197 and above this 8250 Support for the immediate term is now placed at 8050 and next support will be 7970.

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