INDIAN BENCHMARKS: SENSEX PLUNGES 537 POINTS FOLLOWING THE GLOBAL CUES, NIFTY 50 BELOW 7800
The domestic equity market came under the bear grip on Monday, as equity markets the world over succumbed to selling pressure on fears of further economic slowdown in China.
China's December manufacturing PMI slipped to 48.2 from 48.6 in November, heightening investor fears and causing the Shanghai Composite and Shenzen Composite to tumble 6.85 per cent and 8.22 per cent, respectively. The country's share market later suspended trading for the rest of the day as the newly-introduced circuit breakers got triggered.
The S&P BSE Sensex slumped 537 points, or 2.05 per cent, to 25,623.35 tracking the widespread selling in other Asian and European markets. Nifty Trading Tips 50, the 50-stock barometer, slipped 172 points, or 2.16 per cent, to 7,791. Tata Motors and Hindalco were the top losers in the BSE benchmark.
HEADLINES OF THE DAY
- Ashok Leyland surges on strong sales in Dec 2015
- IRB Infra bags Rs10, 050 crore project in J&K
- Eicher Motors logs 41% sales growth; stock up
The crucial resistance for Nifty FUTURE is now seen at 7887 and above this 7940.Support for the immediate term is now placed at 7760 and next support will be 7711.
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