INDIAN BENCHMARKS records highest single-day loss in 7-weeks.
INDIAN EQUITY ended sharply lower after investors booked profits after gains in the previous three sessions with index heavyweights and private banks leading the decline. Companies engaged in online retail portals and e-commerce business such as Just Dial and Info Edge (India) rallied 4-15% in an otherwise subdued market after private equity investors recently infused funds in these companies.
Further, Ceat has rallied 9%, after reporting a strong set of numbers for the quarter ended September 30 and higher earnings prospects on the back of lower raw material prices. Adani Ports shares gains after domestic rating agency ICRA upgraded its long-term debt rating to "BBB-plus" from "BBB," citing a "strong" ramp-up in cargo volumes this fiscal year.
The crucial resistance for Nifty is now seen at 6160 and above this 6215. Support for the immediate term is now placed at 6040 and next support will be 5970.
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