INDIAN BENCHMARKS edged higher on FIIs inflows.
INDIAN EQUITY BENCHMARK closed the trading session on a lower note amid weakness in rupee against dollar, after gaining nearly 10 percent in a five-day winning streak on the back of strong foreign flows. Mid and small cap stocks performed moderately while Banking, tech, metal and auto stocks stood leading the fall. The market also took cues from IIP and inflation data in the near term for direction.
Further, Financial Technologies has gained around 20% in otherwise weak markets amidst expectations that the group may get some relief from the speculated sale of NK Proteins. IDFC surge 6% after RBI lifted restrictions placed on foreign investors purchasing shares of the company as their shareholding in IDFC fell below the prescribed limit.
The crucial resistance for Nifty is now seen at 5955 and above this 5995. Support for the immediate term is now placed at 5825 and next support will be 5770.
News to watch:
• Watch out for the IIP and CPI 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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