INDIAN MARKET WRAP UP - 20 SEPTEMBER 2013

INDIAN BENCHMARKS end lower as RBI disappoints

INDIAN EQUITY BENCHMARK slumped wiping off most of previous day gains after the RBI stunned the market by hiking repo rate by 25 basis points to 7.5% citing inflationary pressures. Rate sensitive were the most affected as Realty index tanked 7% and the banking index was down 5% on concerns that margins would further come under pressure on account of high borrowing.

Further, the only gainers among the benchmark shares were Wipro, Sun Pharma and Gail India adding 1-1.5%. Dr Reddy's Laboratories hits a record high, the Pharma stock has gained 8% in past three days after the company secured the approval of USFDA.

The crucial resistance for Nifty is now seen at 6065 and above this 6155. Support for the immediate term is now placed at 5950 and next support will be 5880.

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