INDIAN BENCHMARKS gained ahead of trade deficit data
INDIAN EQUITY BENCHMARK extended gains on back of buying witnessed in financials after country’s trade deficit narrowed to a two-and-a-half-year low in September. Meanwhile, software services exporters rose ahead of their earnings results. Domestically, the key sectoral gainers were healthcare, capital goods, realty, oil & gas, power and IT while consumer durable sector declined.
Further, Infosys Ltd provisionally ended up 2.8 percent ahead of its September-quarter earnings on Friday. Lenders led gainers as the trade deficit data was seen supporting the rupee and thus reducing exchange rate-led inflation pressures and the prospect of repo rate hikes.
The crucial resistance for Nifty is now seen at 6070 and above this 6175. Support for the immediate term is now placed at 5980 and next support will be 5900.
News to watch:
1. Larsen and Toubro's Q2 results on 18-October-2013.
2. Bajaj Finance Q2 results on 15-Oct-2013.
3. HDFC Bank Q2 results on 15-Oct-2013.
4. Infosys Q2 results on 11-Oct-2013.
5. M & M Q2 results on 13-Nov-2013.
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