INDIAN EQUITY MARKET OUTLOOK- 11 SEP 2018

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Closing Bell: Carnage on D-Street! Sensex ends over 500 pts lower, Nifty gives up 11,300; rupee hits record low

It’s a sharp selloff in the late afternoon session that played on the indices and dragged them to the lowest points. Factors such as higher crude oil prices, trade war tensions along with a weakening rupee (at fresh lows) were few of the reasons that impacted the market.

There was all round selling visible among sectors such as banks, automobiles, FMCG, metals, pharmaceuticals and IT too. The Nifty Midcap index fell over a percent and that too weighed on the benchmarks.

At the close of market hours, the Sensex is down 509.04 points or 1.34% at 37413.13, while the Nifty is down 150.60 points or 1.32% at 11287.50. The market breadth is negative as 876 shares advanced, against a decline of 1,811 shares, while 160 shares were unchanged.
HEADLINES OF THE DAY
NMDC shows revival in iron ore, sees rebound in Aug sales despite repeated price hikes
Cadila gets tentative approval for Sitagliptin Tablets
Suzlon Energy signs deal with CLP Wind Farms for two solar projects in Maharashtra

The crucial resistance for Nifty spot is now seen at 11467 and above this 11550. Support for the immediate term is now placed at 11274 next support will be 11180.
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