INDIAN BENCHMARKS fall ahead of RBI policy; banks, consumer shares decline.
INDIAN EQUITY BENCHMARKS falls after earlier rising as much as 0.4 percent, while the broader NSE index is down 0.71 percent. Banking stocks fall on risk, ahead of the central bank's policy review where it is widely expected to raise interest rates by 25 basis points, while U.S. Federal Reserve holds its policy meeting on Oct. 29-30.
Further, FMCG index was the top loser among the sectoral indices, down 2.5% followed by Realty, Metal, Power, and Healthcare indices down 0.8-1.7% each. ITC was down 3.93% after reporting lower than expected revenue and net profit growth for the second quarter ended.
The crucial resistance for Nifty is now seen at 6175 and above this 6195. Support for the immediate term is now placed at 6070 and next support will be 6030.
News to watch:
Watch out for the RBI Policy Review i.e. 29 October 2013.
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