INDIAN BENCHMARKS ended on an extremely weak note as the Rupee Breaches 68.80/$.
INDIAN EQUITY BENCHMARKS ended on an extremely weak note with benchmark indices falling nearly 3.6 percent each after the rupee depreciated closer to its all time low level of 68.80 against the dollar. The 50-share Nifty slumped 209 points to settle at 5,341. The investor sentiment was also upset on reports that the US might strike Bashar Al Asad led regime in Syria for using chemical weapons against the opposition.
Further, Banking shares were under pressure traded lower up to 5 % as the Indian Rupee fall nearby 2 %. TVS Motor fell 5% after Morgan Stanley downgraded the stock to "underweight" from "equal weight" said it could suffer from slowing volumes, rising capacity and low pricing power.
The crucial resistance for Nifty is now seen at 5420 and above this 5520. Support for the immediate term is now placed at 5295 and next support will be 5155.
News to watch:
• Watch out for the Rupee movement as Indian Rupee breaches 68/$.
• Watch out for the Foreign institutional investor flows.
INDIAN EQUITY BENCHMARKS ended on an extremely weak note with benchmark indices falling nearly 3.6 percent each after the rupee depreciated closer to its all time low level of 68.80 against the dollar. The 50-share Nifty slumped 209 points to settle at 5,341. The investor sentiment was also upset on reports that the US might strike Bashar Al Asad led regime in Syria for using chemical weapons against the opposition.
Further, Banking shares were under pressure traded lower up to 5 % as the Indian Rupee fall nearby 2 %. TVS Motor fell 5% after Morgan Stanley downgraded the stock to "underweight" from "equal weight" said it could suffer from slowing volumes, rising capacity and low pricing power.
The crucial resistance for Nifty is now seen at 5420 and above this 5520. Support for the immediate term is now placed at 5295 and next support will be 5155.
News to watch:
• Watch out for the Rupee movement as Indian Rupee breaches 68/$.
• Watch out for the Foreign institutional investor flows.
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