INDIAN BENCHMARKS ended on a lower note.
INDIAN EQUITY BENCHMARKS ended on a lower note. The broader markets which survived the last two days of profit booking were seen coming under selling pressure. Markets erased its early gains after rating agency Standard & Poor's (S&P) said it may cut India's sovereign rating to below investment grade should the next government fail to provide a credible plan to reverse the country's low economic growth.
Further, Shares of Titan Co Ltd fall 2.7 percent after the Reserve Bank of India put a cap on further foreign institutional investments in the company. Tata Steel Ltd gains 4.4 percent after global rival Arcelor Mittal's operating profit beat street estimates. That is raising hopes as Tata Steel gears up to report its earnings next week.
The crucial resistance for Nifty is now seen at 6290 and above this 6335. Support for the immediate term is now placed at 6175 and next support will be 6120.
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