INDIAN BENCHMARKS fell again ahead of RBI Policy.
INDIAN EQUITY BENCHMARK cracked over 2% at the start of the expiry week heading for a second consecutive day of declines, on continued selling in rate-sensitive shares especially banks such as State Bank of India after RBI Governor Raghuram Rajan surprised markets in his maiden policy review on Friday by raising interest rates to ward off rising inflation.
Further, Defensive sector indices including consumer durables, healthcare and export oriented IT gained as cyclical indices of banks, capital goods and realty stocks take a beating. Shares in Indian steel companies like SAIL, Tata Steel gained after a closely-watched measure of Chinese manufacturing hit its highest in six months.
The crucial resistance for Nifty is now seen at 5965 and above this 6015. Support for the immediate term is now placed at 5885 and next support will be 5810.
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