INDIAN BENCHMARKS marks biggest single-day fall in nearly 2 months.
INDIAN EQUITY ended in red marking its biggest single-day fall in nearly two months, as blue-chip shares slumped for a second consecutive day on worries the pace of foreign investor buying is slowing down. Tata Steel slump after HSBC downgrade its grade to “underweight” following a sharp run-up in its stock prices since the recent lows.
Further, banking shares continued to remain under pressure falling by up to 5% for the second consecutive day, on fears that sooner-than-expected tapering by the US Fed. Bombay Dyeing & Manufacturing Co Ltd rise after the High Court approved the company's request to hand over land to housing regulators in only one area of Mumbai.
The crucial resistance for Nifty is now seen at 6070 and above this 6125. Support for the immediate term is now placed at 5970 and next support will be 5875.
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