INDIAN BENCHMARKS: SENSEX TANKS 286 POINTS FOLLOWING GLOBAL CUES, NIFTY 50 TESTS 7450
Domestic equity indices gyrated between gains and losses all through Tuesday before taking a plunge towards the end of the session, as metals, banking and energy stocks dragged the benchmark indices sharply lower.
A dovish money policy from the Reserve Bank of India, which held the policy rates, didn't help much.
European markets opened weak in the afternoon amid global growth concerns and a fresh slump in crude oil prices, causing the maximum damage to the domestic equity benchmarks, which slumped 1.15 per cent amid brisk selling in 27 of the 30 Sensex stocks.
Tata Steel (down 7.18 per cent), Sun Pharma -4.12 % (down 3.53 per cent), NTPC -4.28 % (down 4.28 per cent), BHEL -3.99 % (down 4.13 per cent), Cipla (down 3.60 per cent), ONGC (down 3.60 per cent), Adani Ports (down 3.42 per cent), RIL (down 2.54 per cent), Coal India (down 3.23 per cent) and ICICI Bank (down 3.02 per cent) all bled.
Only Bharti Airtel (up 2.06 per cent), Bajaj Auto 1.48 % (up 1.48 per cent) and Infosys (up 0.30 per cent) managed to keep their heads above water.
UPCOMING RESULTS:
HEWAWARE, IOC, BAJAJ FIN, DISHTV, KEC
HEADLINES OF THE DAY
- Amara Raja Q3 net profit up 33% (YoY)
- Bajaj Auto January 2016 volumes grow by 1.8% YoY
- Markets in red; RBI keeps key rates unchanged
The crucial resistance for Nifty Trading Tips SPOT is now seen at 7488 and above this 7567.Support for the immediate term is now placed at 7409 and next support will be 7336.
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