INDIAN BENCHMARKS: SENSEX ENDS FLAT,NIFTY ABOVE 7950
A dovish money policy from the Reserve Bank of India, which maintained status quo on policy rates on the expected lines, failed to lift the spirits on Dalal Street on Tuesday, as the benchmark indices closed flat.
At its fifth bimonthly rate review, the central bank maintained a dovish tone in its commentary on the economy, inflation and scope for further cuts. "The Reserve Bank will use the space for further accommodation, when available, while keeping the economy anchored to the projected disinflation path that should take inflation down to 5 per cent by March 2017,” governor Raghuram Rajan said.
BSE benchmark Sensex ended 24 points, or 0.09 per cent, higher at 26,169 while the 50-stock barometer Nifty Trading Tips50 closed with gains of 20 points, or 0.25 per cent, at 7,955. Gains in Vedanta and Dr Reddy's Labs helped the BSE benchmark remain in the positive territory.
HEADLINES OF THE DAY
- RBI maintains status quo on interest rates
- Aurobindo receives USFDA approval for Risedronate Sodium Tablets
- Maruti Suzuki November 2015 volumes up 9.7% YoY
The crucial resistance for Nifty SPOT is now seen at 8010 and above this 8040. Support for the immediate term is now placed at 7877 and next support will be 7812.
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