INDIAN BENCHMARKS ended flat ahead of WPI Data.
INDIAN EQUITY BENCHMARK ended flat after rising on a strong note markets but gave up all those gains later as August WPI inflation jumped too 6-month high of 6.1% in August against 5.79 in July. Sectoral indices FMCG, auto and banks held the market high while IT, realty, healthcare, oil & gas and metal indices dropped.
Further, Ranbaxy lost 30% to touch its lowest level since June 25 at Rs 297 on reports that the US FDA has issued an import alert on the company’s unit in Mohali. UltraTech Cement extends fall by 4% at Rs 1,655, extending nearly 2% fall on Friday, after its board approved acquisition of the cement unit of JCCL for Rs 3,800 crore.
The crucial resistance for Nifty is now seen at 5905 and above this 5980. Support for the immediate term is now placed at 5810 and next support will be 5770.
News to watch:
• Watch out for the RBI policy on 18 SEPT.
• Watch out for the MONITORY POLICY STATEMENT on 20 SEPT.
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