INDIAN BENCHMARKS: SENSEX ENDS 100 POINTS LOWER, NIFTY-50 BELOW 7300
Domestic equity benchmarks had a zigzag show all through Thursday after a very promising start that saw the 30-stock Sensex open over 200 points higher, only to give up all the gains and end in the negative territory as profit booking emerged at higher levels.
At one point, Sensex has reclaimed the 24,300 mark while the 50-share Nifty Trading Tips50 index had advanced nearly 80 points, or 1.1 per cent, to 7,388 in the first hour of trade. The Sensex eventually ended the day 100 points lower at 23,962.21 while NSE's Nifty50 index settled at 7,276.80, down 0.44 per cent or 32.50 points. The gains on the Sensex were led by Axis Bank 5.21 % (5.21%), Wipro (1.72%), Infosys (1.32%) SBI (1.24%) and Tata Steel (1.23%).
India's largest automaker Maruti Suzuki lost 4 per cent, which emerged the biggest loser in the Sensex pack along with Dr Reddy's Lab and Tata Motors (down 4 per cent), Coal India and ONGC (down 3 per cent each) and HUL 2.47 % (down 2.5 per cent).
UPCOMING RESULTS TOMORROW:
CAIRN, ITC, RCOM, SPICEJET, FORCEMOR
HEADLINES OF THE DAY
- AXIS Bank Q3 profit, NIIs beat estimates
- M&M Financial Q3 net profit halves
- Hindustan Zinc Q3 net profit drops 24% (YoY)
The crucial resistance for Nifty SPOT is now seen at 7380 and above this 7426.Support for the immediate term is now placed at 7229 and next support will be 7118.
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