INDIAN MARKET WRAP UP - 05 SEPTEMBER 2013

INDIAN BENCHMARKS closed on the positive note.

INDIAN EQUITY BENCHMARKS closed on a strong note with clocking in gains of over 2 percent, Nifty gained 144 points, as rupee rallied and shares surged after India's new central bank chief unveiled measures to support the currency, providing a shot of confidence for investors unnerved by the country's worst economic crisis in two decades.

Further, banking stocks rallied up to 15 percent after the Raghuram Rajan has announced slew of reforms that will help the banking sector. Indian IT shares fall as the rupee jumped as much as 2.3 percent as measures announced by the central bank Governor.

                                                                                                

The crucial resistance for Nifty is now seen at 5640 and above this 5725. Support for the immediate term is now placed at 5565 and next support will be 5480.

 

News to watch:

• Watch out for the IIP numbers on 12 SEPT.

• Watch out for the RBI policy on 18 SEPT.

• Watch out for the MONITORY POLICY STATEMENT on 20 SEPT.

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