INDIAN BENCHMARKS cheered the US Federal Reserve’s decision on bond purchases
INDIAN EQUITY BENCHMARK surged over 3% highest close in nearly 3 yrs, led by banks after the U.S. Fed Reserve surprised the markets by sticking to its stimulus plans. Rate sensitive indices such as automobiles, real estate, infrastructure and banking have rallied up to 17% on hopes that the RBI may roll back its tightening measures taken in order to contain the forex volatility in its monetary policy review.
Further, Bank stocks were the star performers of the day, on hopes that the RBI would ease some of the liquidity curbs it had placed in July to protect the rupee. Bharti Airtel has rallied over 5% on reports that Singapore Tel Ltd pledges support to lead a consolidation drive of the local telecoms industry.
The crucial resistance for Nifty is now seen at 6175 and above this 6240. Support for the immediate term is now placed at 6080 and next support will be 6030.
News to watch:
• Watch out for the MONITORY POLICY STATEMENT on 20 SEPT.
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